NuSep Ltd 22 Rodborough Rd

Frenchs Forest NSW 2086

Postal Address P.O. Box 6126

Frenchs Forest NSW 2086

Contact Details

Telephone +61 2 8977 9000

Facsimile +61 2 8977 9099

Email info@nusep.com

Web www.nusep.com

ABN 33 120 047 556

FOR IMMEDIATE RELEASE

NxGen Investor Presentation

SYDNEY, AUSTRALIA – 16 October, 2008 – NuSep (ASX: NSP) wishes to advise the market that the NxGen investor presentation has been updated to reflect the recent developments with NxGen’s Naltrexone Addiction Implant product. NxGen’s Naltrexone Addiction Implant is the only Australian manufactured product and has seen significant sales growth since its introduction. NxGen shipped over 100 Naltrexone Addiction Implants last month. This product is probably the most cost efficient way of helping drug addicts overcome their addiction, said Dr Alan Amodeo of NxGen.

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:

Gels – NuSep manufactures and sells precast gels including the innovative iGels, with a 2 year shelf life.

Separation Instruments – NuSep has developed two unique biological separation instruments. The first instrument 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.

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

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BriefingBriefingOctober 2008October 2008

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Important NoticeImportant Notice

This presentation is not and does not form part of any offer, invitation or recommendation in respect of securities. Any decision to buy or sell NuSep securities or other products should be made only after seeking appropriate financial advice. Reliance should not be placed on information or opinions contained in this presentation and subject only to any legal obligation to do so, the Company does not accept any obligation to correct or update them. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor.

To the fullest extent permitted by law, NuSep and its affiliates and their respective officers, directors, employees and agents, accept no responsibility for any information provided in this presentation, including any forward looking information, and disclaim and liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this.

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Acquisition of NxGenAcquisition of NxGen

• NuSep will Acquire NxGen for $25m

• NuSep will Pay for this Acquisition by issuing Script equal to 87.5% of NuSep’s issued Capital

• NuSep Shareholders will be given the opportunity to ‘Top Up’ via a SPP to 25%

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NxGen Pharmaceuticals Pty Ltd

14 Oct 2008

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Is a fully diversified pharmaceuticals business

Is the largest developer and licensor of custom pharmaceuticals supplying approximately 80% of the Australian market.

Has grown significantly over the last few years driven in part by the erectile dysfunctional nasal spray that it has developed on an exclusive basis for its medical clinic client.

Has developed a number of novel products which include a slow release implant designed to overcome drug and alcohol addiction. F

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NxGen is a highly profitable company generating a Net Profit of $2.1m on sales of $4.7m.

NxGen is the dominant player in the markets it serves.

NxGen has a strong pipeline of new products.

NxGen Financials

Financials and Forecasts(1)

(A$) 2008A$m

2009F$m

Total Revenue $4.7 $5.4Gross Profit Margin $3.8 $4.3EBITDA $3.4 $4.0Net Profit $2.1 $2.5

____________________(1) Based on management forecasts

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Australia’s largest development and licensor of erectile dysfunction and premature ejaculation products. Injections, lozenges, nasal spray and a world first transdermal gel.Erectile dysfunction nasal spray current volume 5000 units per month Australia only through pharmacy. Currently undertaking global expansion.

Cosmetic ProductsDr Only Skin Treatment Range using unique active ingredients , many first to market in Australia including marine enzymes and ilatest peptide products in innovative transdermal bases Sun care – invisible zinc, true anti oxidant protection (Australian first) sunburn relief and after sun careHair growth products with unique proprietary bases and hair removal products.Dental, mouth rinses and teeth whitening gels

Erectile Dysfunction Products

Developmental ProductsNxGen is a leading product development Company specialising in the development and testing of pharmaceutical products.Primary new product development markets are the pharmaceutical, veterinary and personal care markets.NxGen develops new products for customers worldwide.

Customized medication dosages and administration, flavored medication and discontinued medication for animalsIndividual dosages, Flavour Specialisation, Geriatric Formulation, Nausea formulations, Paediatric formulations and lotions, Pain management formulation, Podiatric formulas

Formulation of Other Products

NxGen ProductsF

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Revenue Mix

Revenue Split - 2008 Actual

10%

10%

20%

10%

50%

Pharma

Cosmetics

Erectile Dysfunction

Animals

Other Compounding

Revenue Split - 2009 Forecast

Total Revenue: A$ 4.7m

10%

10%

50%

10%

20%Pharma

Cosmetics

Erectile Dysfunction

Animals

Other Compounding

Total Revenue: A$5.4m

____________________(1) Based on management forecasts

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Growth Opportunities

Naltrexone Implants for addictive behavior. Effective against alcoholism, nicotine, gambling and opiate addictions. Clinical trials about to begin for alcohol, nicotine and opiate substance abuse. Future projects include implant for methamphetamine (ice) and cocaine addition.

Prostate Herbal mixture. Currently available in Australia only. NxGen is assisting client to obtain a TGA license to market this product world wide.Local anesthetic Gel for minor surgical procedures and injection site for anesthesia in children. Also used in cosmetic medicine for anesthesia pre laser procedures. Phase 1 clinical trials about to start in a major Australian teaching hospital. Potential worldwide market. Orders already received from Japan, Indonesia, Korea and Poland.2 Major international cosmetic houses in final negotiations to produce cosmetics for world wide distribution.

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Naltrexone – Addiction Implant • Each pellet contains 1.1g Naltrexone Base• Established treatment for drug and alcohol abuse

• Controlled release formulation for 3 or 6 months therapy

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Naltrexone – Addiction Implant – cont.

• Improved patient compliance over oral dosage form• Safe and Effective with minimal side effects• Validated formulation for release rate sterilisation and

stability• Cost effective compared to alternative treatments

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R&D, Testing and Warehousing Production Facilities

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