Is this ancient, bag-like sea creature our earliest ancestor?

http://rss.cnn.com/~r/rss/cnn_health/~3/uYDP87weZjI/index.html

I found this very interesting.

Microfossils found in China have revealed what could be our earliest known ancestor on the tree of life, researchers say. But don't go looking for a resemblance. Saccorhytus, which looks a little like the "chestburster" from "Alien," was a tiny, bag-like sea creature that lived 540 million years ago.

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from
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