PHOSPHAGENICS LIMITED: Form 604

The following has been submitted to the Australian Stock Exchange today.

                                   Form 604                                    
                                                                               
                             Corporations Act 2001                             
                                                                               
                                 Section 671B                                  
                                                                               
              Notice of change of interests of substantial holder              
                                                                               
To Company Name/Scheme    Phosphagenics Limited                                
                                                                               
ACN/ARSN                  056 482 403                                          
                                                                               
1. Details of substantial holder (1)                                           
                                                                               
Name                      Simon West                                           
                                                                               
ACN/ARSN (if applicable)                                                       
                                                                               
There was a change in the interests of the                                     
                                                                               
substantial holder on                                   28/08/06               
                                                                               
The previous notice was given to the company on         14/11/05               
                                                                               
The previous notice was dated                           14/11/05               
                                                                               
2. Previous and present voting power                                           
                                                                               
The total number of votes attached to all the voting shares in the company or  
voting interests in the scheme that the substantial holder or an associate (2) 
had a                                                                          
                                                                               
relevant interest (3) in when last required, and when now required, to give a  
substantial holding notice to the company or scheme, are as follows:           
                                                                               
Class of securities (4)   Previous notice               Present notice         
                                                                               
Person's votes                           Voting power   Person's    Voting     
                                         (5)            votes       power (5)  
                                                                               
Refer to Annexure A                                                            
                                                                               
3. Changes in relevant interests                                               
                                                                               
Particulars of each change in, or change in the nature of, a relevant interest 
of the substantial holder or an associate in voting securities of the company  
or                                                                             
                                                                               
scheme, since the substantial holder was last required to give a substantial   
holding notice to the company or scheme are as follows:                        
                                                                               
Date of         Person whose  Nature of  Consideration  Class and   Person's   
                                                                    votes      
change          relevant      change (6) given in       number of              
                interest                 relation                   affected   
                                                        securities             
                changed                  to change (7)                         
                                                        affected               
                                                                               
                Refer                                                          
                Annexure A                                                     
                                                                               
4. Present relevant interests                                                  
                                                                               
Particulars of each relevant interest of the substantial holder in voting      
securities after the change are as follows:                                    
                                                                               
Holder of       Registered    Person     Nature of      Class and   Person's   
                              entitled                              votes      
relevant        holder of                relevant       number of              
                              to be                                            
interest        securities    registered interest (6)   securities             
                                                                               
                              as holder                                        
                              (8)                                              
                                                                               
                Refer                                                          
                Annexure A                                                     

5. Changes in association                                                      
                                                                               
The persons who have become associates (2) of, ceased to be associates of, or  
have changed the nature of their association (9) with, the substantial holder  
in                                                                             
                                                                               
relation to voting interests in the company or scheme are as follows:          
                                                                               
Name and ACN/   Nature of association                                          
ARSN (if                                                                       
applicable)                                                                    
                                                                               
Refer Annexure A                                                               
                                                                               
6. Addresses                                                                   
                                                                               
The addresses of persons named in this form are as follows:                    
                                                                               
Name            Address                                                        
                                                                               
Annexure A                                                                     
                                                                               
Signature                                                                      
                                                                               
     print name Simon West                   capacity SELF                     
                                                                               
      sign here date                                                           
                                                                               
                                  DIRECTIONS                                   
                                                                               
(1)          If there are a number of substantial holders with similar or      
             related relevant interests (eg. a corporation and its related     
             corporations, or the manager and trustee of an equity trust), the 
             names could be included in an annexure to the form. If the        
             relevant interests of a group of persons are essentially similar, 
             they may be referred to throughout the form as a specifically     
             named group if the membership of each group, with the names and   
             addresses of members is clearly set out in paragraph 6 of the     
             form.                                                             
                                                                               
(2)          See the definition of "associate" in section 9 of the Corporations
             Act 2001.                                                         
                                                                               
(3)          See the definition of "relevant interest" in sections 608 and 671B
             (7) of the Corporations Act 2001.                                 
                                                                               
(4)          The voting shares of a company constitute one class unless divided
             into separate classes.                                            
                                                                               
(5)          The person's votes divided by the total votes in the body         
             corporate or scheme multiplied by 100.                            
                                                                               
(6)          Include details of:                                               
                                                                               
(a)           any relevant agreement or other circumstances because of which   
              the change in relevant interest occurred. If subsection 671B(4)  
              applies, a copyof any document setting out the terms of any      
              relevant agreement, and a statement by the person giving full and
              accurate details of any contract, scheme or arrangement, must    
              accompany this form, together with a written statement certifying
              this contract, scheme or arrangement; and                        
                                                                               
(b)           any qualification of the power of a person to exercise, control  
              the exercise of, or influence the exercise of, the voting powers 
              or disposal of the securities to which the relevant interest     
              relates (indicating clearly the particular securities to which   
              the qualification applies).                                      
                                                                               
See the definition of "relevant agreement" in section 9 of the Corporations Act
2001.                                                                          
                                                                               
(7)          Details of the consideration must include any and all benefits,   
             money and other, that any person from whom a relevant interest was
             acquired has, or may,become entitled to receive in relation to    
             that acquisition. Details must be included even if the benefit is 
             conditional on the happening or not of a contingency. Details must
             be included on any benefit paid on behalf of the substantial      
             holder or its associate in relation to the acquisitions, even if  
             they are not paid directly to the person from whom the relevant   
             interest was acquired.                                            
                                                                               
(8)          If the substantial holder is unable to determine the identity of  
             the person (eg. if the relevant interest arises because of an     
             option) write "unknown'".                                         
                                                                               
(9)          Give details, if appropriate, of the present association and any  
             change in that association since the last substantial holding     
             notice.                                                           





This is the Annexure A of two pages referred to in the form 604 (Notice of
Substantial Shareholding) and dated the date of signing

SIMON WEST

7 Sept 2006

Details of Entitlements and Registered Holdings of Ordinary Shares:

                                                     Form 604     Form 604    
                                                                              
                                                     01/09/06     16/11/05    
                                                                              
1.0 Entitlement Holder:                                                       
                                                                              
 1. Simon West                                       52,989,148   61,367,143  
                                                                              
Verdon Street                                                                 
                                                                              
Williamstown Vic 3018                                                         
                                                                              
Total Entitlement:                                   52,989,143   61,367,143  
                                                                              
2.0 Held in the following names:                                              
                                                                              
2.1 Self:                                            Nil                      
                                                                              
2.2 Jorga Nominees Limited                           52,989,143   61,171,143  
                                                                              
Suite 4, 40 St Kilda Rd                                                       
                                                                              
St Kilda, Vic 3004                                                            
                                                                              
2.3 Simon & Bohdanna West                            378,000      196,000     
                                                                              
<West Super Fund A/c>                                                         
                                                                              
C/o Alex Ruben & Co                                                           
                                                                              
4/40 St Kilda Road                                                            
                                                                              
St Kilda, Vic 3182                                                            
                                                                              
2.4 Total Entitlement of Simon M West                53,367,143   61,367,143  
                                                                              
3.0 Issue voting shares of Phosphagenics Limited     546,769,956  546,578,476 
                                                                              
4.0 Percentage entitlement                           9.76%        11.22%      
                                                                              
5.0 Movement of Entitlements:                                                 
                                                                              
5.1 Self balance held:                               nil                      
                                                                              
5.2 Jorga Nominees Pty Ltd                           52,989,143               
                                                                              
Balance form 604, 16/11/05                                                    
                                                                              
Dosposals                                            (2,000,000)              
                                                                              
16/11/05 to 16/03/06 on-market                                                
                                                                              
Since 16/03/06                                                                
                                                                              
27/03/06 - Off market at nil consideration           (2,000,000)              
                                                                              
28/06/06 - Transfer to West Super Fund A/c           (182,000)                
                                                                              
28/08/06 - on-market @ 37 cents a share              (4,000,000)              
                                                                              
Balance, form 604, 28/08/06                          52,989,143               
                                                                              
5.3 Simon & Bohdanna West                                                     
                                                                              
<West Super Fund A/c>                                                         
                                                                              
C/o Alex Ruben & Co                                                           
                                                                              
4/40 St Kilda Road                                                            
                                                                              
St Kilda, Vic 3182                                                            
                                                                              
Opening Balance, Form 604, 16/11/05                  196,000                  
                                                                              
28/06/06 - Transfer from Jorga nominees Pty Ltd      182,000                  
                                                                              
Closing Balance, Form 604, 28/08/06                  378,000                  

6.0 Comments

Dr West is entitled to the above securities for the following reason:

6.1 Dr West is a director and the holder of an entitlement to in excel of 20
per cent of the issued capital of Jorga Nominees Pty Ltd

Jorga Nominees Pty Ltd act as the Trustee for the S M West Family Trust which
is a discretionary trust and which has the beneficial entitlement to the
52,989,143 ordinary fully paid Phosphagenics Limited shares registered in the
name of Jorga Nominees Pty Ltd

Jorga Nominees Pty Ltd in its capacity as trustee for the S M West Family Trust
manages and advises on the Trust's investments.

As such Dr West as a Director of the trustee company has the ability to vote
the above shares and may have entitlement under the terms of the discretionary
trust.

6.2 Dr West is a beneficiary under the West Super Fund and as such may have
entitlement to the 378,000 ordinary fully paid Phosphagenics Limited Shares
registered in the name of Simon & Bohdanna West <West Super Fund A/c>



END