StemCells, Inc. to Present at Fifth Annual Rodman & Renshaw TechVest Healthcare Conference

PALO ALTO, Calif., October 14, 2003 – Martin McGlynn, President and CEO of StemCells, Inc. (NASDAQ: STEM) will speak at the Fifth Annual Rodman & Renshaw TechVest Healthcare Conference on Wednesday, October 22, 2003 at 12:20 PM (EST). The conference will be held at the Boston Marriott Long Wharf Hotel in Boston, MA from October 21-23, 2003.

Mr. McGlynn will present StemCells, Inc.'s technology and development programs, discuss recent preclinical data and review the Company's business strategy to an audience of analysts, fund managers and other financial professionals.

A live audio webcast of the presentation can be accessed by logging into the website at:

http://www.wallstreetwebcasting.com/webcast/rrshq/stem/

An audio replay of the presentation will also be available for 30 days after the conference.

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About StemCells Inc.
StemCells, Inc is a biotechnology company focused on the discovery, development and commercialization of stem cell-based therapies to treat diseases of the nervous system, liver, and pancreas. The Company's stem cell programs seek to repair or repopulate neural or other tissue that has been damaged or lost as a result of disease or injury. Further information about the Company is available on its web site at www.stemcellsinc.com.

Apart from statements of historical facts, the text of this press release constitutes forward-looking statements regarding, among other things, the future business operations of StemCells, Inc. ("the Company"). The forward-looking statements speak only as of the date of this news release. StemCells does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Such statements reflect management's current views and are based on certain assumptions that may or may not ultimately prove valid. The Company's actual results may vary materially from those contemplated in the forward-looking statements due to risks and uncertainties to which the Company is subject, including uncertainties regarding the Company's ability to obtain the capital resources needed to continue its current research and development operations and to conduct the research, preclinical development and clinical trials necessary for regulatory approvals; the fact that the Company's stem cell technology is at the pre-clinical stage and has not yet led to the development of any proposed product; the uncertainty whether the Company will achieve revenues from product sales or become profitable; uncertainties regarding the Company's obligations in regard to its former encapsulated cell therapy facilities in Rhode Island; and other factors that are described in Exhibit 99 to the Company's Annual Report on Form 10-K entitled "Cautionary Factors Relevant to Forward-Looking Statements."

Corporate Contact:

StemCells, Inc.
Martin McGlynn, President & CEO
650-475-3100, ext 108

BMC Communications Group (media)
Brad Miles
212-477-9007, ext. 17

Media / Investor Relations Contact:

The Investor Relations Group
Janet Vasquez / Jane Lin
212-825-3210