MEMPHASYS LIMITED. — Capital/Financing Update 2012

Apr 25, 2012

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FOR IMMEDIATE RELEASE

NuSep Signs HOA to Establish Singapore Plasma Fractionation Facility

Sydney, Australia 26[th] April 2012 - NuSep (ASX: NSP) advises that it has signed a Heads Of Agreement ( HOA ) to establish a 50/50 Joint Venture fractionation facility in Singapore with the India based ABS Novacell Biopharmaceuticals Ltd ( ABS ).

The intent is for the Joint Venture to establish its initial therapeutic plasma facility in Singapore using NuSep’s patented PrIME Technology. This facility will manufacture both Currently Unprocessable Plasma ( CUP ) and normal therapeutic plasma products. Initially, NuSep will fractionate normal plasma for the Singapore clinical trials which the Company has to undertake in order to sell into the Singapore market. The next step will be to toll manufacture CUP sourced from India for sale into India via ABS.

Dr Hari Nair, Managing Director of NuSep, said “This Joint Venture will validate NuSep’s PrIME Technology for the production of plasma derived Therapeutic Products. This is the culmination of many years of work by NuSep’s Scientists resulting in the first Therapeutic Products using the PrIME Technology.”

Mr John Manusu, Executive Chairman of NuSep, added that “This Joint Venture will enable NuSep to commercialise this technology and opens up the US$1B Asian Therapeutic Plasma Market.”

It is the intention of the parties to use the Singapore clinical trials to expand into the Asian and Gulf Cooperation Council Countries (Middle East). Dr Niranjan Kumar, Chairman & CEO of ABS Novacell, said “We look forward to entering into this Joint Venture with NuSep as we believe it will open up the Emerging Markets using an innovative separation technology. This will help to meet the critical undersupply of Therapeutic Products in the Emerging Markets.”

The Joint Venture will require the fit out of a plasma fractionation facility in Singapore and ultimately, a facility in India. ABS will provide a capital contribution of US$20M in cash within 3 months of executing the Joint Venture agreement. NuSep will also contribute US$5M to the Joint Venture which the Company expects to raise in 2013.

NuSep will transfer its intellectual property relating to plasma fractionation using the patented PrIME technology to the Joint Venture. NuSep will retain all of its intellectual property relating to the membrane technology and other applications of the PrIME technology including the SpermSep application.

NuSep will also receive ongoing income from the sale of membranes to the Joint Venture and a one off sale of PrIME equipment. Other than the above increase in NuSep’s sales the creation of the JV will not have any immediate impact on NuSep’s

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

NuSep Holdings Ltd Postal Address Contact Details 324 Burns Bay Rd P.O. Box 823 Telephone +61 2 8415 7300 Lane Cove NSW 2066 Lane Cove NSW 1595 Facsimile +61 2 8415 7399

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revenue although the Company’s investment in the Joint Venture may result in a one off accounting impact. The impact, if any, will not be known until the finalisation of the Joint Venture Agreement.

The Joint Venture partners have undertaken an independent valuation of the PrIME business. Based on this valuation the partners have agreed the enterprise valuation of PrIME to be US$ 50M of which NuSep's IP and previous cash contributed will make up $20M of NSP's half share, leaving $5M to be contributed by NuSep in the future.

NuSep anticipates finalising the Joint Venture agreement by the end of May 2012, during which time the due diligence and further negotiations covering technology, legal, and commercial aspects of the Joint Venture will be completed.

Capital Management

Since the last update of 2 April 2012, the Company has received $32,000 from Mr Goh on the monies owing on exercise of the 15cent Options. The balance owing by Mr Goh is now approximately $258,000. No monies have been received from Mr Chai who owes the Company approximately $1.2M. See the ASX announcement dated 2 April 2012 for further information.

ENDS

For more information please contact:

Contact: Prakash Patel Chief Operating Officer +61 2 8415 7300 prakash.patel@nusep.com

About ABS

ABS is a subsidiary of American Biosources Inc., NJ, USA, (Established in year 2001) a Biopharmaceutical & Biotechnology company having incubation centers at Buffalo, New York, Miami, Florida, USA and operational office in PA, USA. ABS has the following Strategic Business Units.

• Novel Vaccines (Viral, Bacterial);

• Innovative Biotherapeutics & Biosimilars/Follow-On-Biologics;

• Biological Contract Manufacturing (Bio-CMO); and

• Diagnostics

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.

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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:

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

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• Separation Instruments – NuSep has developed two unique biological separation instruments. The ProteomeSep was released in 2009 and can separate biological samples into 8 fractions for use in the proteomic market. The SpermSep separates sperm for fertility treatments such as IVF.

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• 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.

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• 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

About PrIME Biologics Pte Ltd

PrIME Biologics is a Singapore based biotech company that has developed a disposable procedure for the processing of plasma proteins. PrIME Biologics is currently a wholly owned subsidiary of NuSep Holdings Limited (ASX: NSP). PrIME Biologics process is based on the Pr eparative I solation by M embrane E lectrophoresis (PrIME) technology developed by NuSep. PrIME provides disposable modular processing that is ‘electronically’ driven membrane fractionation.

The PrIME process increases product yields to over 90% relative to the existing process 50% while increasing product safety. The PrIME has been shown to remove virus, bacteria, endotoxins and prions which cause ‘Mad Cow Disease’. Further, PrIME Biologics process can produce multiple plasma products in hours compared to days, which is required by the current manufacturers.

The initial application for the PrIME process will be the Currently Unprocessable Plasma which represents approximately 50% of all the plasma collected in many countries.