-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QomP3yg4Px8HwoabyeMbSx1Dg6wkntwQXvAD2PnnKjsqLaG5QQaOIjQKUwemUvAZ
 moEUx0UKA86BWLFbJBqacQ==

<SEC-DOCUMENT>0001005477-05-002550.txt : 20050722
<SEC-HEADER>0001005477-05-002550.hdr.sgml : 20050722
<ACCEPTANCE-DATETIME>20050722172306
ACCESSION NUMBER:		0001005477-05-002550
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050720
FILED AS OF DATE:		20050722
DATE AS OF CHANGE:		20050722

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MARASCO WAYNE A
		CENTRAL INDEX KEY:			0001242548

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10909
		FILM NUMBER:		05969467

	BUSINESS ADDRESS:	
		STREET 1:		CORNICHE GROUP INC
		STREET 2:		330 SOUTH SERVICE RD.
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHASE III MEDICAL INC/DE
		CENTRAL INDEX KEY:			0000320017
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE CARRIERS, NEC [6399]
		IRS NUMBER:				222343568
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		330 SOUTH SERVICE ROAD
		STREET 2:		SUITE 120
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6315744955

	MAIL ADDRESS:	
		STREET 1:		330 SOUTH SERVICE ROAD
		STREET 2:		SUITE 120
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNICHE GROUP INC /DE
		DATE OF NAME CHANGE:	19951117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIDELITY MEDICAL INC
		DATE OF NAME CHANGE:	19951025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIDELITY MEDICAL SERVICES INC
		DATE OF NAME CHANGE:	19830825
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-07-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000320017</issuerCik>
        <issuerName>PHASE III MEDICAL INC/DE</issuerName>
        <issuerTradingSymbol>PHSM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242548</rptOwnerCik>
            <rptOwnerName>MARASCO WAYNE A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PHASE III MEDICAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>330 SOUTH SERVICE ROAD, SUITE 120</rptOwnerStreet2>
            <rptOwnerCity>MELVILLE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11747</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Scientific Advisor</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.06</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-07-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-07-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500000</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">1,000,000 of the options vest immediately upon the date of grant and the remainder of the options shall vest in two equal annual installments beginning one year from the date of grant.</footnote>
        <footnote id="F2">If the filing person pays the exercise price with shares of common stock, the plan committee appointed by the Board of Directors may, in its discretion, grant the filing person an option with a reload feature.  A reload stock option, which will be granted at the same time that payment is received on the option exercise, will grant the filing person the option to purchase (i) the number of shares of common stock equal to the sum of the number of shares used to exercise the option (or the number of shares not received if the filing person paid the option price by receiving a reduced number of shares on exercise), or (ii) in the case of non-qualified stock options, the number of shares of common stock used to satisfy any tax withholding requirement related to the exercise of such option.  The term of a reload option will be equal to the remaining term of the option which gave rise to the reload option.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Catherine Vaczy, Esq., Attorney-In-Fact</signatureName>
        <signatureDate>2005-07-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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