The described invention provides a composition comprising mesenchymal progenitor cells (MPC) and processes for isolating or enriching the mesenchymal progenitor cells (MPCs) having a cell surface antigenic profile of CD34(−)/CD133(−)/CD45(−)/CD73(+)/CD90(+)/CD105(+)/CD44(−). The described invention also provides methods for differentiating the mesenchymal progenitor cells (MPCs) into various cell types.