NEW YORK, NY -- (MARKET WIRE) -- 08/14/06 -- 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 the Company's CEO, Robin L. Smith, M.D., MBA, will participate in the Swedish American Life Science Summit 2006 taking place in Stockholm, Sweden, August 16-18, 2006.

She will appear on a panel focused on "Life Science and the Developing World, from Bird Flu and the Vaccines to the Market Potential in India and China," at 9:45 a.m., Friday, August 18. This will be followed by a section on Company Presentations, which will include NeoStem, Phase III's operating subsidiary specializing in the collection, processing and long-term storage of adult stem cells for autologous use -- your cells for your use.

The Summit, a by-invitation-only event sponsored by such business leaders as Lehman Brothers, Merrill Lynch, Pfizer, and GE Healthcare, among others, promotes cross-boarder transactions within the healthcare sector and with interested international investors.

On the panel, Dr. Smith will provide expertise on pharmaceutical business development in China, based on her experience as Chairman of the Advisory Board of China Biopharmceutical Holdings, Inc., a research and discovery company developing and commercializing innovative drugs in China in collaboration with governmental and academic institutions.

Dr. Smith is an entrepreneur with unusual expertise in finding early stage companies and shepherding their development and growth. She has served as advisor to numerous funds and investment bankers as well as senior consultant to public and private companies.

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.

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."

Pursuant to a July 1, 2006 agreement, Consulting For Strategic Growth I, Ltd. ("CFSG1") provides Phase III Medical (the Company) with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG1 receives a fixed monthly fee for the duration of the agreement. Independent of CFSG1's receipt of cash compensation from Phase III Medical, CFSG1 may choose to purchase the common stock of the Company and thereafter sell those shares at any time it deems appropriate to do so. For more information, please visit www.cfsg1.com.

CONTACTS
Robin Smith
CEO, Phase III Medical, Inc.
Tel: 212-584-4184
Fax: 212-584-4173
E-mail: Email Contact
Web site: www.neostem.com

Stanley Wunderlich
Daniel Stepanek
Consulting for Strategic Growth 1
Tel: (800) 625-2236/ (212) 896-1206
Fax: (212) 337-8089
Emails:
Email Contact
Email Contact
Web site: www.cfsg1.com