                                                                    Exhibit 99.1
                                                                    ------------


                         [PHASE III MEDICAL, INC. LOGO]


Phase III Medical Hires Seasoned Business Strategist as Chief Operating Officer

    MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 15, 2004--

    Robert J. Aholt, Jr. Brings Extensive Experience in Operational
        Management, Financial Development and Business Analysis

    Phase III Medical (OTCBB:PHSM), an innovative business that
provides capital and guidance to companies in multiple sectors of the
healthcare and life science industries, announced today that it has
hired Robert J. Aholt, Jr. to serve as Chief Operating Officer. He
will be responsible for all operational aspects of the Company and
will serve as an integral part of the management team. He is also
taking an equity position in the Company.
    Prior to joining the Company, Mr. Aholt, 43, was Principal and
Chief Financial Officer of Systems Development, Inc., a private
consulting firm focusing on strategic and technology consulting for
Fortune 500 companies. As a co-founder of Systems Development in 1993,
Mr. Aholt helped build the company into a multi-million dollar
consulting practice with clients such as Universal Studios, Toyota,
Sony and Fox Pictures. His client work includes strategic and program
management on projects as large as $85 million with three-year
durations and scope covering company strategies and competitive
advantages. As CFO, he oversaw all financial and operational aspects
of the firm. Prior to Systems Development, Mr. Aholt was CFO of IW
Communications Group, a public relations firm that helps companies
target Asian communities for public relations outreach. Mr. Aholt has
also worked as a controller of First Affiliated Securities, a regional
brokerage firm in Southern California.
    Mark Weinreb, President and CEO of Phase III Medical, said, "We're
delighted to have Bob join the Phase III Medical team. Following more
than a decade at Systems Development, he brings a broad range of
independent consulting experience with highly successful companies.
His knowledge of business development, strategic analysis, financial
management and deal negotiation will help accelerate the growth of
Phase III and provide our clients with the expertise they need for
rapid commercialization and revenue generation."
    Said Bob Aholt, "I am extremely pleased to join Phase III
Medical's management team at this stage of the Company's development.
This is a very creative group of people with an exciting new approach
to the dynamic healthcare industry, and I look forward to working
closely with them to develop this innovative enterprise."

    About Phase III Medical

    Phase III Medical (OTCBB:PHSM), a Delaware corporation, is an
innovative, publicly traded company positioned to capitalize on growth
in multiple sectors of the healthcare and life sciences industry by
providing non-dilutive capital and guidance in return for a percentage
of revenues, royalty fees, licensing fees, and other product sales of
the target company. Phase III seeks to partner with and provide funds
to medical companies with substantial potential or existing revenues,
which are seeking $250,000 to $2 million to complete late-stage
product development, fund marketing efforts, fund geographic expansion
or pursue follow-on licensing arrangements with larger distributors.

    Certain statements in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 future operating results are
dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or a strategic
business arrangement to fund its expansion plans; (ii) 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; and (iv) 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."

    Consulting For Strategic Growth 1, Ltd. ("CFSG") provides Phase
III Medical, Inc. with consulting, business advisory, investor
relations, public relations and corporate development services.
Independent of CFSG's receipt of cash compensation from Phase III
Medical, CFSG may choose to purchase the company's common stock and
thereafter liquidate those securities at any time it deems appropriate
to do so.

    CONTACT: Phase III Medical, Inc.
             Mark Weinreb, 631-574-4955
             Fax: 631-574-4956
             mweinreb@phase3med.com
              OR
             Consulting For Strategic Growth 1
             Gerald Franz, 800-625-2236 or 917-715-2171
             Fax: 212-697-0910
             CFSG1@aol.com

