Phase III Medical Inc. Appoints Director Of Stem Cell Banking And Clinical Applications

NEW YORK--(BUSINESS WIRE)--Aug. 23, 2006--Phase III Medical, Inc. (OTCBB:PHSM) today announced it has appointed Abner M. Mhashilkar, Ph.D. as Director of Stem Cell Banking and Clinical Applications. The Company, through its operating subsidiary, NeoStem, Inc., which specializes in the collection, processing and long-term storage of adult stem cells (ASC) for autologous use - Your Cells for Your Use - is seeking to develop partnerships with institutions and pharmaceutical companies focusing on therapeutics. On August 8, 2006, the Company announced that it has received its license to operate its first adult peripheral-blood stem cell processing laboratory and storage bank in California.