MEMPHASYS LIMITED. — Director's Dealing 2008

Feb 19, 2008

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FOR IMMEDIATE RELEASE

Appendix 3Y and Completion of share buyback under the Unmarketable Parcel Sale Facility

SYDNEY, AUSTRALIA – 20[th] February 2008 – NuSep Ltd (ASX: NSP) announces the completion of the share buyback under the Unmarketable Parcel Sale Facility (UPSF) approved by shareholders at the EGM dated 25[th] September 2007. As was approved at the EGM all share holdings less than $100 on 26[th] September 2007 and who had not indicated that they wished to retain their shares have been bought back under the UPSF.

The Directors have shown their support of NuSep by underwriting the UPSF. On completion of the process 252,703 ordinary shares were bought back of which Directors acquired 147,016 shares. This buyback represents about 1% of the Company’s shares on issue.

The UPSF has allowed the company to reduce the number of non-active small shareholders. This will further reduce NuSep’s shareholder maintenance expenses, money which can now be better spent growing the Company.

Attached is the Appendix 3Y.

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:

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• Gels – NuSep offers two precast gel ranges: iGels, innovative gels including long life gels with a 2 year shelf life: and NuBlu, high quality gels at an everyday price.

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• Separation Instruments – NuSep has developed two unique biological separation instruments. The first to be 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.

22 Rodborough Road � Frenchs Forest NSW 2086 � Australia � 61.2.8977.9000 � 61.2.8977.9099 fax NuSep Ltd ABN: 33 120 047 556

www.nusep.com

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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

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

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity: NuSep Ltd (NSP) ABN: 33 120 047 556

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mr John Manusu
Date of last notice	22 January 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	18 February 2008
No. of securities held prior to change	Direct 1,447,111 ordinary shares Indirect 620,000 ordinaryshares
Class	Ordinary shares
Number acquired	47,016 ordinary shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$11,754
No. of securities held after change	Direct 1,494,127 ordinary shares Indirect 620,000 ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Purchase of shares under the Unmarketable Parcel Sale Facility approved by shareholders at the EGM dated 25 September 2007

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity: NuSep Ltd (NSP) ABN: 33 120 047 556

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Dr Choon Lee
Date of last notice	20 August 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	18 February 2008
No. of securities held prior to change	879,800 ordinary shares
Class	Ordinary shares
Number acquired	100,000 ordinary shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$25,000
No. of securities held after change	979,800 ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Purchase of shares under the Unmarketable Parcel Sale Facility approved by shareholders at the EGM dated 25 September 2007

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A