MEMPHASYS LIMITED. — Capital/Financing Update 2010

May 31, 2010

==> picture [217 x 57] intentionally omitted <==

FOR IMMEDIATE RELEASE

NuSep’s Rights Issue Closes Oversubscribed by $1m Raising $4.5m

– SYDNEY, AUSTRALIA – 1[st] June 2010 NuSep (ASX: NSP) is pleased to advise that it has raised $4.5m through the recent 1:2 Rights Issue which closed on Friday 21[st] May 2010. This is an especially pleasing result as it represents more than $1m in oversubscriptions above the $3.42 million Rights issue.

Over 331 shareholders have taken up the Rights issue including all of NuSep’s major shareholders.

Attached is a copy of the information relating to the listing of the 1:2 Rights Shares and the associated 35¢ Share Options.

The Shares and Share Options were allotted yesterday. NuSep allotted:

Ordinary Shares 18,983,767 and 35c Share Options 24,499,083

The Company’s issued capital is now:

Ordinary Shares 53,260,794, and 35c Share Options 24,499,083

Attached to this release is a copy of both the Top 20 Shareholders and 35¢ Share Optionholders.

Further, attached to this email is a copy of the distribution of both the Ordinary Shares and 35¢ Share Options.

About NuSep

NuSep (ASX: NSP) is a publicly listed life sciences company that sells products into the global BioSeparations market. NuSep recently acquired BioInquire which developed the ProteoIQ software enabling NuSep to offer a total Proteomics solution from Fraction to Function . 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.

Postal Address P.O. Box 823 Lane Cove NSW 1595

Contact Details Email info@nusep.com Telephone +61 2 8197 3377 Web www.nusep.com Facsimile +61 2 9427 8614 ABN 33 120 047 556

NuSep Holdings Ltd 324 Burns Bay Rd Lane Cove NSW 2066

– 2 –

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 <==

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

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

• Gels – NuSep manufactures and sells precast gels including the innovative NUView Gels, which can be visualised 2 minutes after use.

• Separation Instruments – NuSep has developed two unique biological separation instruments. The ProteomeSep was released in 2008 and can separate biological samples into 8 fractions for use in the proteomic market. The SpermSep separates sperm for fertility treatments such as IVF and is expected to undergoing clinical trials later this year.

• Proteomics Software – NuSep offers the unique ProteoIQ software for the analysis of complex mass spec samples. This software is also designed to identify bio markers.

• 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 8197 3377 prakash.patel@nusep.com

NuSep Ltd Fully Paid Ordinary Top 20 Holdings as at 01-06-2010

Holder Name	Balance at 01-06-2010	%
MR ANDREW ERNEST GOODALL	11,532,403	21.65%
MR ANDREW WINSTON DOYLE	2,733,901	5.13%
GASTON RENARD PTY LTD	2,700,000	5.07%
CAFALO PTY LTD	2,415,184	4.53%
MR JOHN MANUSU	1,983,973	3.73%
MR YING MING CHIU	1,633,000	3.07%
MR ERNEST ALFRED GOODALL & MS MARJORIE ANNE GOODALL	1,612,500	3.03%
MS NATALIE ROSE-ANNE DOYLE	1,455,000	2.73%
NUSEP LIMITED	1,169,055	2.19%
MR CHENICHERI NAIR	1,002,511	1.88%
MR ANTHONY MARK LOUGHNAN	906,419	1.70%
HAMMOND ROYCE CORPORATION PTY LTD	893,643	1.68%
MR IAIN SORRELL	870,068	1.63%
MS DORIS MCNAMARA	550,000	1.03%
DR PERRY MANUSU	500,000	0.94%
FRERE & ASSOCIATES PTY LTD	466,666	0.88%
LUCKYSTONE PTY LTD	446,250	0.84%
WAHINE SUPERANNUATION FUND PTY LTD	350,000	0.66%
MR WARREN GOODALL	316,667	0.59%
MR JOHANNES GERARDUS SPEE & MRS LESLEY KAYE SPEE	250,500	0.47%
	33,787,740	0.634
	Total IC	53,260,794

NuSep Ltd

$0.35 Options Exp 1 Sep 2012 Top 20 Holdings as at 01-06-2010

Holder Name	Balance at 01-06-2010	%
MR ANDREW ERNEST GOODALL	9,900,419	40.411
MS NATALIE ROSE-ANNE DOYLE	2,924,998	11.939
MR ANDREW WINSTON DOYLE	1,433,333	5.851
MR YING MING CHIU	1,249,999	5.102
MR ERNEST ALFRED GOODALL & MS MARJORIE ANNE GOODALL	1,062,499	4.337
GASTON RENARD PTY LTD	1,000,000	4.082
MR JOHN MANUSU	687,366	2.806
MR WILLIAM PETER SPEE	556,667	2.272
NUSEP LIMITED	500,000	2.041
CAFALO PTY LTD	499,999	2.041
MR IAIN SORRELL	479,167	1.956
DR HARI NAIR	416,667	1.701
HAMMOND ROYCE CORPORATION PTY LTD	381,214	1.556
MR WARREN GOODALL	316,666	1.293
BOOKMAN PTY LTD	250,000	1.020
FRERE & ASSOCIATES PTY LTD	199,999	0.816
LUCKYSTONE PTY LTD	148,750	0.607
MANCU PTY LTD	135,349	0.552
MS MARIA ANTONIA SOLER QUESADA	83,333	0.340
MR ANTHONY MARK LOUGHNAN	81,387	0.332
	22,307,812	91.055
	Total IC	24,499,081

NuSep Ltd Analysis of Holdings as at 31-05-2010

Security Classes

Fully Paid Ordinary

Ordinary shares escrowed to 24 months from listing Ordinary shares escrowed to 31 March 2012

Holdings Ranges	Holders	Total Units	%
1-1,000	1,227	152,563	0.286
1,001-5,000	331	711,504	1.336
5,001-10,000	93	656,512	1.233
10,001-100,000	307	12,170,238	22.850
00,001-99,999,999,999	63	39,569,977	74.295
Totals	2,021	53,260,794	100.000

NuSep Ltd Analysis of Holdings as at 31-05-2010

Security Classes

$0.35 Options Exp 1 Sep 2012

Holdings Ranges	Holders	Total Units	%
1-1,000	87	42,904	0.175
1,001-5,000	79	196,848	0.803
5,001-10,000	64	450,066	1.837
10,001-100,000	82	1,881,587	7.680
00,001-99,999,999,999	19	21,927,676	89.504
Totals	331	24,499,081	100.000