FileExchange cannot handle large files

Currently it is not possible to use the commandline-client to perform the PutFile operation on large files (e.g. 300+ MB).
Received the following error:

Performing the PutFile operation.
Exception in thread "main" java.lang.OutOfMemoryError: Java heap space
at java.util.Arrays.copyOf(Arrays.java:2798)
at java.io.ByteArrayOutputStream.write(ByteArrayOutputStream.java:111)
at sun.net.www.http.PosterOutputStream.write(PosterOutputStream.java:78)
at org.bitrepository.common.utils.StreamUtils.copyInputStreamToOutputStream(StreamUtils.java:61)
at org.bitrepository.protocol.http.HTTPFileExchange.performUpload(HTTPFileExchange.java:200)
at org.bitrepository.protocol.http.HTTPFileExchange.uploadToServer(HTTPFileExchange.java:112)
at org.bitrepository.commandline.PutFile.putTheFile(PutFile.java:147)
at org.bitrepository.commandline.PutFile.performOperation(PutFile.java:98)
at org.bitrepository.commandline.PutFile.main(PutFile.java:55)