Message #4 From:
Stock News Bot Date: August 23, 2006 10:16:00 AM
PHSM News Phase III Medical 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.
Dr. Mhashilkar's responsibilities include establishing partnerships with medical institutions, physicians and pharmaceutical companies to facilitate the Company's participation in the growing field of adult stem cell clinical applications. Dr. Mhashilkar's previous successes in setting up corporate and academic collaborations and in obtaining federal funding for new medical therapies will play a significant role in the Company's plans to foster strategic relationships with those involved with clinical development of adult stem cell therapies. The Company's proprietary methodology for processing and long term storage of peripheral blood stem cells plays a key role in enabling clients access to their stem cells when needed in the future. There are new developments in the use of adult stem cells to treat disease for multiple indications including heart disease, diabetes, wound healing, as well as various cancers, autoimmune diseases like multiple sclerosis and lupus, and age related degenerative musculoskeletal diseases. In addition, adequate numbers of stem cells are harvested to treat radiation sickness and related chronic illnesses that may result from a bioterrorist attack.
Dr. Mhashilkar has extensive expertise in cell biology, molecular biology, biochemistry, immunology and medical microbiology. Prior to joining Phase III Medical, Dr. Mhashilkar was Group Leader in Research, Process Development and Manufacturing at Athersys, Inc. in Cleveland, Ohio, a biopharmaceutical company with multiple programs in regenerative medicine, using adult stem cell technology and complementary technologies to treat cardiovascular disease, stroke, blood and immune system disorders, diabetes, and a range of other conditions.
Previously, he served as Scientific Director at Vector Logics Inc., a biotechnology company focused on adenoviral therapeutics and gene therapy for combating various cancers. Prior to that he was Research Manager/Senior Scientist at Introgen Therapeutics Inc., a biopharmaceutical company focused on the discovery, development and commercialization of molecular therapies for the treatment of cancer and other diseases. From 1993-1998, he was a post-doctoral Fellow at the Dana-Farber Cancer Institute, Harvard Medical School in Boston.
Dr. Wayne Marasco, MD, PhD, Senior Scientific Advisor of Phase III Medical said, "Dr. Mhashilkar's addition to the NeoStem management team greatly expands the scientific breadth of the company in many ways, particularly in his capacity to ensure that every opportunity to partner with those using adult stem cells in various clinical applications is met. The Bush administration's support of adult stem cell research and clinical development will provide a great opportunity for NeoStem to obtain government funding through Dr. Mhashilkar's leadership."
Dr. Robin Smith, CEO of Phase III Medical, said, "We are very pleased that Dr. Mhashilkar is joining our Company at this exciting time in our development. His extensive background with various biopharmaceutical companies working on the cutting edge of new therapies gives him special insight into both the latest biotechnology developments and the growing demand for these therapies. We believe his guidance will enable the company to rapidly develop relationships in academic institutions as well as pharmaceutical partnership.
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 of Phase III collectively have substantial experience in life science marketing, business management, and finance, 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 the Company'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 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 an agreement with Phase III Medical, Consulting For Strategic Growth I, Ltd. ("CFSG1") provides Phase III Medical 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 or other 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.
