StemCells, Inc. to Present at Annual BIO CEO & Investor Conference

PALO ALTO, Calif., February 20, 2004

Martin McGlynn, President and CEO and Dr. Ann Tsukamoto, VP of R&D of StemCells, Inc. (Nasdaq: STEM) will participate in the Sixth Annual BIO CEO & Investor Conference. The conference will be held at the Waldorf-Astoria Hotel in New York, NY from February 23-25, 2004. StemCells, Inc. will present in two sessions: 1) a panel discussion focused on the central nervous system on February 24, 2004 at 3:30 PM (EST) and 2) a corporate presentation on February 25, 2004 at 10:00 AM (EST).

StemCells, Inc. is one of five chosen companies to participate in the “Age Related CNS Disorders: Parkinson's Disease & Alzheimer’s” focus session. Dr. Tsukamoto will discuss StemCells Inc.’s technology and its specific potential to treat age-related neurodegenerative disease such as Parkinson's and Alzheimer's.

In the corporate presentation, Mr. McGlynn will give an overview of StemCells Inc.'s technology, the status of the Company's preclinical and development programs and review the Company's business strategy.

Live audio web cast of the presentations can be accessed by clicking on the links below. Registration to this site along with Real Player or Windows Media is required.

CNS Presentation Feb. 24, 2004 (Audio & Slides)

Corporate Presentation Feb. 25, 2004 (Audio Only)

The audio/slide show presentations will also be available for 90 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 adult 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

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