MEMPHASYS LIMITED. — Capital/Financing Update 2012

Oct 29, 2012

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FOR IMMEDIATE RELEASE

Correction to Spin Out of PrIME Biologics And Update of Timetable

Sydney, Australia 30[th] October 2012 – The Board of NuSep (ASX:NSP) advise the market on 15[th] October 2012 of its intention to spin out PrIME Biologics, subject to shareholder approval. As part of this announcement it incorrectly referred to section 265C of the Corporations Act. The correct section of the Corporations Act relating to this return of capital is Section 256C. The Board has also updated the timetable for the spin out to incorporate the lodgement of form 2560 with ASIC.

The updated indicative timetable is set out below.

Revised Indicative Timetable for the Spin Out

While a final timetable has not been finalised, below is an indicative timetable:

	Date	Date	Event	Event	Event	Event	Event	Event	Event
	15 October 2012		Announcement of PrIME Biologics Spin Out.
	30 October 2012		Notification to ASIC of proposed reduction in share capital (Form 2560).
				tice of Me	tin sent to sharehold		ers incorora		n Out
	31 October	2012	No					ting the Spi
					g		p
			res	olution.
	30 Novem	ber 2012	A	GM to approv	e the PrIME	Spin Out.
	31 January	2013	Nu	Sep Shareho	lders entitle	ment date to	the PrIME Bi	ologics shares.
	6 February	2013	Pr	ME Biologic	s posts shar	eholder state	ments to all s	areholders.
	7 February	2013	Pran	IME Biologid other invest	cs posts proors.	spectus to a	ll PrIME Bio	logics shareh	olders
	Early Apri	l 2013	Pr	ME Biologic	s capital rais	ing closes.
	Early May 2013		PrIME Biologics lists on the ASX (subject to ASX approval).

ENDS

For more information please contact:

Contact: Swapna Keskar Company Secretary +61 2 8415 7300 keskar@companymatters.com.au

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.

NuSep Holdings Ltd 324 Burns Bay Rd Lane Cove NSW 2066

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

Contact Details Telephone +61 2 8415 7300 Facsimile +61 2 8415 7399

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

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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 therapeutic plasma manufacturing process based on NuSep’s PrIME Technology. NuSep has a 90% shareholding in PrIME Biologics. 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 Asian countries.