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MEMPHASYS LIMITED. Capital/Financing Update 2016

May 15, 2016

65314_rns_2016-05-15_5219465c-aa8f-46d2-a960-e890825ee0b2.pdf

Capital/Financing Update

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ASX Release

PRIME BIOLOGICS PTE LTD TO RAISE UP TO S$5M TO DISCHARGE THE A-BIO DEBT DEED OF GUARANTEE

Sydney, Monday 16 May 2016

PrIME Biologics Pte Ltd (“PrIME”) has informed NuSep Holdings Limited ( ASX: NSP ) (“ NuSep ”) and its other shareholders that it intends to raise up to S$5m through a convertible loan from its shareholders.

Key terms for the proposed capital raising by PrIME are as follows:

The offer is in pro-rata to current shareholdings;
Pricing is a 10% discount to the previous capital raising;
There is no interest on the loan;
The funds are to be applied to the discharge of the Company’s liabilities (whether due or contingent) under the A-Bio Debt Deed of Guarantee and will also be for working capital; and
Funds will be available for draw down from 31 May 16 and shares are anticipated to be issued by 15 July 2016.

PrIME has stated that it urgently requires funds to carry on its business. It has yet to obtain cGMP accreditation. With this capital raising of S$5million it will have raised nearly S$25 million. PrIME has also indicated that post this funding round it will seek to raise additional funding to support scale up and commercialisation.

For further information please contact:

Alison Coutts Executive Chairman +61 2 8415 7300 [email protected]