MEMPHASYS LIMITED. — Director's Dealing 2008

Jan 22, 2008

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FOR IMMEDIATE RELEASE

Appendix 3Y Increase in Director’s Shareholdering

SYDNEY, AUSTRALIA – 23 January 2008 – NuSep Ltd (ASX: NSP) announces that Mr John Manusu, Managing Director of the company has acquired an additional 560,172 NuSep shares on market which are held indirectly through an interest in a family super fund, this purchase of additional shares has previously not been announced. Mr Manusu’s current indirect interest in NuSep is 620,000 shares. This is in addition to the 1,447,111 shares which are directly held by Mr Manusu and have previously been advised to the market.

Attached is the Appendix 3Y together with a detailed summary of transactions.

About NuSep Ltd

NuSep is an Australian BioSeparations company based in Frenchs Forest, Sydney. NuSep manufactures and markets a range of products to BioSeparations customers located worldwide through distribution and sales centres located in Australia, the USA and Europe. NuSep is listed on the Australian Stock Exchange where its shares trade under the code “NSP”.

NuSep currently operates across three product groups, each addressing BioSeparations customers, utilising patented technology and leveraging the company’s global distribution network. The three product groups are as follows:

1. Gels – NuSep offers two ranges of electrophoresis pre-cast gels: iGels, innovative gels including long-life gels and gels with solid well dividers; and NuBlu, high quality gels at an competitive price together with associated consumables.

2. Separation Instruments – NuSep has developed two unique laboratory separation devices based on Gradiflow® technology. The first to be released in February 2008 is a proteomics instrument that can separate a biological sample into eight fractions. The second instrument will be applied to sperm separation required for fertility treatments such as IVF. Development of this product is supported by the Australian Government’s Commercial Ready program.

3. Biological Products – NuSep will offer a range of biological research grade reagents purified from human and animal plasma. The first product release was human IgG. Further products, including albumin will be added to our range in 2008.

For more information about NuSep please visit the company’s website www.NuSep.com Enquiries/additional information: Prakash Patel Company Secretary (02) 8977 9000 cosec@nusep.com

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

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	17 September 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Family Super Fund
Date of change
No. of securities held prior to change	Direct- 1,447,111
Class	Ordinary shares
Number acquired	620,000 ordinary shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$192,172
No. of securities held after change	Direct 1,447,111 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	On-market trade- 560,172 ordinary shares Off-market transfer- 59,828 ordinary shares

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

John Manusu Direct on Market Purchases

Share Purchase Dates	Shares Opening Balance	Share Purchases	Consideration $	Shares Closing Balance
14-May-07	878,671	10,000	5,077.00 $	888,671
14-May-07	888,671	20,000	10,082.50 $	908,671
18-May-07	908,671	29,312	8,841.97 $	937,983
22-May-07	937,983	8,682	2,618.92 $	946,665
24-May-07	946,665	12,006	3,621.61 $	958,671
25-May-07	958,671	10,000	3,877.00 $	968,671
29-May-07	968,671	10,000	3,833.00 $	978,671
29-May-07	978,671	10,000	4,029.95 $	988,671
30-May-07	988,671	15,000	5,449.50 $	1,003,671
30-May-07	1,003,671	4,500	1,598.10 $	1,008,171
31-May-07	1,008,171	500	167.56 $	1,008,671
3-Aug-07	1,008,671	200,000	48,527.98 $	1,208,671
15-Aug-07	1,208,671	2,067	585.13 $	1,210,738
16-Aug-07	1,210,738	2,000	609.95 $	1,212,738
20-Aug-07	1,212,738	68,421	20,165.26 $	1,281,159
21-Aug-07	1,281,159	23,418	7,317.16 $	1,304,577
22-Aug-07	1,304,577	4,361	1,454.96 $	1,308,938
22-Aug-07	1,308,938	20,519	6,735.77 $	1,329,457
23-Aug-07	1,329,457	29,984	10,205.77 $	1,359,441
4-Sep-07	1,359,441	16,277	6,546.61 $	1,375,718
6-Sep-07	1,375,718	13	5.07 $	1,375,731
6-Sep-07	1,375,731	43,325	17,079.12 $	1,419,056
7-Sep-07	1,419,056	9,780	3,746.35 $	1,428,836
7-Sep-07	1,428,836	5,000	1,829.95 $	1,433,836
7-Sep-07	1,433,836	13,275	5,072.24 $	1,447,111

Mancu Superannuation Account Purchases on Market

31-May-07	0	10,000	3,351.34 $	10,000
1-Jun-07	10,000	29,294	9,975.56 $	39,294
4-Jun-07	39,294	8,423	2,991.10 $	47,717
5-Jun-07	47,717	13,750	5,274.89 $	61,467
6-Jun-07	61,467	11,574	4,464.70 $	73,041
7-Jun-07	73,041	4,383	1,803.08 $	77,424
8-Jun-07	77,424	18,968	8,054.19 $	96,392
8-Jun-07	96,392	5,000	2,129.95 $	101,392
12-Jun-07	101,392	14,627	6,006.53 $	116,019
14-Jun-07	116,019	1,598	646.24 $	117,617
15-Jun-07	117,617	10,062	4,069.06 $	127,679
18-Jun-07	127,679	962	414.75 $	128,641
18-Jun-07	128,641	14,938	6,040.94 $	143,579
19-Jun-07	143,579	9,038	3,615.20 $	152,617
19-Jun-07	152,617	10,000	4,044.00 $	162,617
20-Jun-07	162,617	10,000	4,044.00 $	172,617
21-Jun-07	172,617	6,979	2,822.30 $	179,596
22-Jun-07	179,596	1,516	613.08 $	181,112
25-Jun-07	181,112	14,088	5,697.19 $	195,200
26-Jun-07	195,200	5,300	2,143.32 $	200,500
27-Jun-07	200,500	2,117	856.12 $	202,617
24-Jul-07	202,617	10,000	3,470.16 $	212,617
3-Aug-07	212,617	76,502	18,562.46 $	289,119
6-Aug-07	289,119	2,749	772.18 $	291,868
7-Aug-07	291,868	7,426	2,439.99 $	299,294
7-Aug-07	299,294	5,000	1,552.00 $	304,294
8-Aug-07	304,294	4,000	1,314.30 $	308,294
9-Aug-07	308,294	500	135.00 $	308,794
9-Aug-07	308,794	7,130	2,291.34 $	315,924
10-Aug-07	315,924	37,933	10,738.07 $	353,857
16-Aug-07	353,857	1,751	472.77 $	355,608
16-Aug-07	355,608	8,932	2,435.41 $	364,540
20-Aug-07	364,540	12,223	3,411.74 $	376,763
24-Aug-07	376,763	84,171	28,688.57 $	460,934
27-Aug-07	460,934	15,164	5,652.18 $	476,098
29-Aug-07	476,098	16,898	6,349.33 $	492,996
30-Aug-07	492,996	1,812	751.09 $	494,808
31-Aug-07	494,808	5,000	2,029.95 $	499,808
31-Aug-07	499,808	20,000	8,141.54 $	519,808
3-Sep-07	519,808	18,377	7,391.23 $	538,185
3-Sep-07	538,185	4,987	1,974.88 $	543,172
10-Sep-07	543,172	2,000	760.00 $	545,172
26-Sep-07	545,172	15,000	3,779.95 $	560,172