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Phase III Medical Inc. (PHSM.OB) Is Pleased To Appoint Robin L. Smith, MD, MBA As Chairman Of The Board And Chief Executive Officer

6/7/2006 10:25:13 AM

MELVILLE, N.Y.--(BUSINESS WIRE)--June 7, 2006--Phase III Medical, Inc., (OTCBB: PHSM - News), announced today the appointment of Robin L. Smith, MD, MBA as Chairman of the Board and Chief Executive Officer. Dr. Smith received her undergraduate and medical degree from Yale University and her Masters Degree in business administration from the Wharton School of Business. She is a well-recognized and respected professional within the financial and medical communities.

Mark Weinreb, previously Phase III's CEO and Chairman, who will continue as the Company's President and member of the Board, stated, "We are extremely excited and fortunate to have a seasoned entrepreneur and executive of Dr. Smith's caliber become so excited about our Company, that she has accepted our offer to become our full time chief executive officer and provide her leadership skills in growing the Company's new adult stem cell business, NeoStem."

Said Dr. Smith, "I believe the Company's business has tremendous potential, and I very much look forward to embarking on an aggressive growth strategy that will position the company to capitalize on current and future therapeutic uses of adult stem cells as well as diagnostic tests. We will look to partner with larger biotech companies to exploit our intellectual property."

During the past few years, Dr. Smith has acted as an advisor to numerous funds and investment bankers as well as a senior consultant to both publicly traded and privately held companies, including Phase III Medical. Prior to these activities and during her tenure as President & Chief Executive Officer of IP2M, the company was selected as being one of the 10 fastest growing technology companies in Houston. In February of 2003, IP2M was sold to a publicly traded company. Before joining the IP2M management team, Dr. Smith was Executive Vice President & Chief Medical Officer for HealthHelp, Inc., a National Radiology Management company which managed 14% of the health care dollars spent by insurance companies such as Aetna US Healthcare, Blue Cross and Blue Shield and Humana, to name a few. Dr Smith also serves on the Board of Directors of two private companies Talon Air and Biomega as well as serves as Co-Chairman of the Board for the New York University Hospital For Joint Diseases.

Dr. Smith received her post-graduate training in the surgical subspecialty and obtained her medical degree from Yale University where she received the Janet M. Glaslow Memorial Achievement Citation, was elected to Alpha Omega Alpha and chosen to be a Farr Scholar. Dr. Smith was one of the first graduates of the U.S. Quality Algorithms Managed Care Fellowship between U.S. Healthcare and Thomas Jefferson Medical College. Dr. Smith's interest in medical management led her to pursue a Masters Degree in business administration at the Wharton School of Business where in sixteen months she completed a double major in health care administration and operations management as well as made the Directors List. As the creator of the bimonthly Managed Care Clinical Corner editorial, Dr. Smith was appointed to the editorial board of Disease Management. Dr. Smith holds memberships in the National Association of Managed Care Physicians, American College of Physician Executives, American Association for the Advancement of Science, Society for Neuroscience, and the Association for Chemoreception Sciences and has been published extensively.

About Phase III Medical, Inc.

Phase III Medical, Inc. (OTCBB: PHSM - News), 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. 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 under "Search for Company Filings."

Contact: Phase III Medical, Inc. Mark Weinreb, 631-574-4955 Fax, 631-574-4956 E-mail:

Source: Phase III Medical, Inc.

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