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Phase III Medical Appoints George Smith, M.D. As Medical Director of Lab Operations California

Posted on: Wednesday, 1 March 2006, 12:00 CST

Phase III Medical, Inc. (OTCBB:PHSM), announced today the appointment of George Smith, M.D., as Medical Director of Laboratory Operations California, in the Company's new business, NeoStem, Inc. NeoStem operates a commercial autologous adult stem cell bank and is pioneering the pre-disease collection, processing and storage of adult stem cells for present and future medical treatment. Dr. Smith, who joined the Company in January, 2006, will be responsible for operating the Company's west coast adult stem cell processing and storage laboratory, located in Los Angeles. His responsibilities are to oversee all operations at the laboratory, including the processing and storage of autologous adult stem cells, laboratory procedures, licensing requirements and collection protocols.

Dr. Smith attended University of California Los Angeles (UCLA) Medical School with five years of specialty training in Pathology. In 1965, Dr. Smith spent two years in the Public Health Service assigned to the Atomic Bomb Commission in Hiroshima, Japan. He rejoined the UCLA Pathology faculty in 1967 until his retirement, in July of 1999. For six years he was Assistant Head of the Blood Bank and Associate Head of Hematopathology where he established a unique bone marrow service in the UCLA Medical Center, and continued to assist in these functions for over 30 years.

Dr. Smith was appointed the Director of the UCLA Clinical Laboratories in 1975, which included supervision of 32 patient care laboratories around the Medical Center. During this period he was also the Director of the Blood Bank, Director of the Medical Technologist Training Program and Chief of Clinical Pathology. Under his tutelage, the Blood Bank was greatly expanded by adding a Blood Donor Center, an apheresis center and new facilities that are all in use today. He initiated a designated donor program, a very active autologous donor program and designed a transfusion safety program. Dr. Smith was a co-founder of the UCLA bone marrow transplantation program-one of the first transplantation programs in the United States.

Mark Weinreb, CEO of Phase III, stated, "We are extremely pleased to have George Smith join the Company and be responsible for such an important part of our operations. His qualifications and experience in this field are very impressive and he brings a unique set of skills to this business."

Said Dr. Smith, "I am very pleased to join the Phase III team and look forward to helping NeoStem become a leader in the adult stem cell collection and storage business. It is a remarkable time for stem cell science and I am excited about the role NeoStem will play in this ever growing medical industry."

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 have collective experience in life science marketing, business management, and financial expertise, as well as significant technical, medical and scientific experience.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the Company's ability to develop the adult stem cell business, the future of regenerative medicine and the role of adult stem cells in that future, the future use of adult stem cells as a treatment option and the potential revenue growth of NeoStem's business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Phase III Medical, Inc. ("the Company"), or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company's ability to enter the adult stem cell arena and future operating results are dependent upon many factors, including but not limited to (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control;(iv) scientific and medical developments beyond the Company's control and (v) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission which are available for review at www.sec.gov under "Search for Company Filings."

Source: Business Wire

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