                                                                   Exhibit 99.1

     Phase III Medical Appoints Dr. Joseph Zuckerman, Chairman of
   NYU Department of Orthopaedic Surgery, to Its Board of Directors

    MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 27, 2004--Phase III Medical,
Inc. (OTCBB: PHSM) today announced that Joseph Zuckerman, M.D., has
been appointed to the Company's Board of Directors. Since 1997, Dr.
Zuckerman, age 52, has been Chairman of the NYU-Hospital for Joint
Diseases Department of Orthopaedic Surgery and the Walter A. L.
Thompson Professor of Orthopaedic Surgery at the New York University
School of Medicine.
    Dr. Zuckerman is responsible for one of the largest departments of
orthopaedic surgery in the country, providing orthopaedic care at five
different hospitals including Tisch Hospital, the Hospital for Joint
Diseases, Bellevue Hospital Center, the Manhattan Veteran's
Administration Medical Center and Jamaica Hospital. He is also the
Director of the Orthopaedic Surgery Residency Program, which trains
over sixty residents in a five year program.
    Dr. Zuckerman holds leadership positions in national organizations
and is President of the American Shoulder and Elbow Surgeons and Chair
of the Council on Education for the American Academy of Orthopaedic
Surgeons. He recently developed and successfully implemented a
sponsorship program between the hospital and the New York Mets. His
clinical practice is focused on shoulder surgery and hip and knee
replacement and is the author or editor of ten textbooks, sixty
chapters and over two hundred articles in the orthopaedic and
scientific literature.

    Phase III Medical is a company involved in the pharmaceutical,
biotechnology and life science industry. The Company provides capital
and guidance to companies, within the medical sector, to acquire
revenues, royalties and other contractual rights known as "royalty
interests," that entitle it to receive a portion of revenue from the
sale of pharmaceuticals, medical devices and biotechnology products.

    This Release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, such as the Company's ability to enter the medical sector
or acquire any companies or technologies. Forward-looking statements
represent management's judgment regarding future events. Although
management believes that the expectations reflected in such statements
are reasonable, it gives no assurance that such expectations will
prove to be correct and you should be aware that actual results could
differ materially from those contained in the forward-looking
statements due to a number of factors. These factors include the risks
detailed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2002 and other reports filed with the Securities
and Exchange Commission.

    CONTACT: Phase III Medical, Inc.
             Mark Weinreb, 631-574-4955


