MEMPHASYS LIMITED. — Capital/Financing Update 2009

Mar 19, 2009

Friday, March 20, 2009

ASX Company Announcements

Dear Sir/Madam,

Please find attached an announcement that NuSep would like to make to the market.

Regards,

John Manusu Executive Chairman

NuSep Ltd 22 Rodborough Rd Frenchs Forest NSW 2086 Postal Address P.O. Box 6126 Frencha Forest NSW 2086 Contact Details Telephone +61 2 8977 9000 Facsimile +61 2 8977 9099

Email info@nusep.com Web www.nusep.com ABN 33 120 047 556

FOR IMMEDIATE RELEASE

Replacement Prospectus

SYDNEY, AUSTRALIA - 20^th March 2009 - NuSep (ASX: NSP) (Company) has been advised by the Australian Securities and Investments Commission (ASIC) that ASIC has some concerns in relation to the Prospectus attached to the Company's announcement dated 11 March 2009 (Prospectus). The Prospectus will be replaced by a Replacement Prospectus to be issued shortly. Please disregard the Prospectus.

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:

• Gels NuSep manufactures and sells precast gels including the innovative iGels, with a Ф, 2 year shelf life.
• Separation instruments NuSep has developed two unique biological separation $\mathbf{G}_{\mathbf{Z}}$ 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.
• Biological Products NuSep supplies research grade biological products manufactured روقته 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

NuSep Ltd 22 Rodborough Rd Frenchs Forest NSW 2086 Postal Address P.O. Box 6126 Frenchs Forest NSW 2086 Contact Details Telephone +61 2 8977 9000 Facsimile +61 2 8977 9099 Email info@nusep.com Web www.nusep.com ABN 33 120 047 556