MEMPHASYS LIMITED. — Capital/Financing Update 2009

Jun 29, 2009

FOR IMMEDIATE RELEASE

==> picture [173 x 57] intentionally omitted <==

Close of Prospectus and Cancelation of the NxGen Acquisition

– SYDNEY, AUSTRALIA – 30[th ] June 2009 NuSep (ASX: NSP) wishes to advise that the previously announced proposed acquisition of NxGen Pharmaceuticals Pty Limited by NuSep pursuant to the Implementation Deed between the Company, Jehega Pty Limited, NxGen and others dated 28 November 2008 will not proceed. In addition, the spin out of all of NuSep’s assets into a separate entity, Prime BioSeparations Limited will not occur.

While this is a significant disappointment for NuSep, the NuSep Board of Directors has used the period from 1 January 2009 to date to restructure the existing NuSep business to be cashflow positive.

NuSep will apply to the ASX to have its shares reinstated and expects this to occur in the near future.

The Company will update shareholders of developments over the next few days.

About NuSep

NuSep (ASX: NSP) is a publicly listed life sciences company that sells products into the global bioseparations market. The company has offices in both Sydney, Australia and Atlanta, USA.

With a 30 year heritage in biological separations, NuSep has forged a world class reputation for its innovative yet simple biological separation techniques including the world’s first IVF sperm separation device. In short NuSep has redefined the BioSeparations market through innovation and simplification.

NuSep’s world renowned research team has developed an extensive portfolio of patented products. In all, NuSep currently manufactures, distributes and sells 55 products to customers in the USA, Europe, Asia and Australia.

NuSep Products:

==> picture [13 x 10] intentionally omitted <==

==> picture [13 x 10] intentionally omitted <==

• Gels – NuSep manufactures and sells precast gels including the innovative iGels, with a 2 year shelf life.

• Separation Instruments – NuSep has developed two unique biological separation instruments. The first instrument released in February 2008 can separate biological samples into 8 fractions for use in the proteomic market. The second instrument separates sperm for fertility treatments such as IVF and is presently undergoing clinical trials.

Contact Details Email info@nusep.com Telephone +61 2 8977 9000 Web www.nusep.com Facsimile +61 2 8977 9099 ABN 33 120 047 556

NuSep Ltd Postal Address 22 Rodborough Rd P.O. Box 6126 Frenchs Forest NSW 2086 Frenchs Forest NSW 2086

– 2 –

==> picture [13 x 10] intentionally omitted <==

Biological Products – NuSep supplies research grade biological products manufactured using its unique separation technologies. These products include human IgG and Albumin.

For more information about NuSep please visit the company’s website www.NuSep.com

Contact: Prakash Patel Chief Financial Officer & Company Secretary +61 2 8977 9000 prakash.patel@nusep.com