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PHSM .054 Phase III Medical, Inc. Stem Cell Bank

Phase III Medical Receives License to Operate Adult Peripheral Blood Stem Cell Bank

Company Can Begin Commercial Collection, Processing and Storage of Adult Stem Cells for the Owner's Therapeutic Use

NEW YORK, NY, Aug 08, 2006 (MARKET WIRE via COMTEX) -- Phase III Medical, Inc. (OTCBB: PHSM), the first company to provide Autologous Adult Stem Cell (ASC) collection and banking services for the general population for long term storage for multiple therapeutic uses, today announced that it has received a license to operate an adult peripheral-blood stem cell bank.

This license, issued by the State of California Department of Health Services, permits Phase III, through its subsidiary NeoStem, Inc., to begin commercial collection, processing and storage of peripheral blood progenitor cells (adult stem cells) for autologous use -- Your cells for your use -- at its California facilities. Phase III can now begin operating its first ASC collection facility, processing laboratory and long-term cell storage facility, located in Los Angeles.

Using its proprietary process, NeoStem provides the infrastructure, methods and systems that allow adults to have their stem cells safely collected and conveniently banked, at any time, for future therapeutic use in the treatment of such life-threatening diseases as diabetes, heart disease and radiation exposure. Adult stem cell therapy has also been used for many years in treating blood cancer. Further potential uses include regenerative therapies for diseases such as multiple sclerosis and lupus, as well as anti-aging therapies.

NeoStem uses the least invasive form of collection called apheresis, a well known safe procedure that extracts stem cells from an adult's peripheral blood. Once collected, NeoStem's unique storage process allows the cells to be cryo-preserved during an individual's lifetime for use when needed.

Dr. Robin Smith, Chairman of the Board and CEO of Phase III, said, "This represents the beginning of the Company's plan to establish an array of centers and partnerships across the country to collect and store adult stem cells for future diagnostic and therapeutic use. Regenerative medicine is offering new hope for victims of heart disease, cancer, diabetes, and similar diseases. Others who could benefit from ASC therapy may be those First Responders who are seriously injured or exposed to radiation and similar life-threatening substances. We provide the critical support service allowing adults to have their stem cells safely collected and conveniently banked for their personal future use. We intend to grow as a business by servicing this rapidly expanding demand."

About Phase III Medical, Inc.

Phase III Medical, Inc. (OTCBB: PHSM), a Delaware corporation, is an innovative, publicly traded company that, through the acquisition of NeoStem, is positioned to become a leader in the adult stem cell field and to capitalize on the increasing importance the Company believes adult stem cells will play in the future of regenerative medicine. The management and Board of Directors and Advisors of Phase III collectively have substantial experience in life science marketing, business management, and financial expertise, as well as significant technical, medical and scientific experience.

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