VirtualScopics Licences IXICO's Proprietary TrialTracker Digital Platform
ROCHESTER, N.Y. and LONDON, Dec. 16, 2014 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today announced that they have signed a multi-year software licence and support agreement with existing alliance partner, IXICO plc (Ticker: IXI) ("IXICO" or the "Company"), the brain health company, for their proprietary imaging data and query management digital platform, TrialTracker.
Under the terms of the agreement, VirtualScopics will pay IXICO to implement and support the use of TrialTracker in its clinical trial business both as part of and separate to the Alliance. Financial terms were not disclosed. The parties have been working together over the last few months to deploy the TrialTracker digital platform which has now been validated by VirtualScopics.
VirtualScopics is also pleased to report that the alliance with IXICO has been awarded its first joint project by a global top 15 pharmaceutical company. For this project, which is due to commence shortly, the Alliance will provide image analysis services for a phase II oncology clinical trial using TrialTracker. In this instance, VirtualScopics will be the primary service provider and IXICO will provide clinical site support services from its London headquarters.
In June 2014, VirtualScopics and IXICO announced the signing of an alliance framework agreement with a vision to provide the clinical trials industry with global operational capabilities for a full range of therapeutic areas and modality expertise. In the same month, the two companies jointly opened an operations and business development office in New Hope, Pennsylvania,, to allow optimal collaboration within the alliance.
Eric Converse, president and CEO of VirtualScopics said:
"I am excited about the implementation of the TrialTracker system as it is expected to increase efficiencies in our organization and further strengthen our relationship with IXICO in the future. We also plan to use the software for our first joint win for the Alliance, along with other projects previously won by VirtualScopics."
Derek Hill, CEO of IXICO said:
"We are delighted that our alliance colleagues at VirtualScopics have implemented and validated our TrialTracker platform and that the Alliance has been awarded its first joint contract from a leading global pharmaceutical company. We are already seeing the benefits of working with VirtualScopics as our combined expertise means we can bid for a broad range of global clinical trials."
About VirtualScopics
VirtualScopics, Inc. (NASDAQ: VSCP) is a leading provider of clinical trial imaging solutions to accelerate drug and medical device development. For risk-averse, time-constrained Clinical Trial Study Teams, Medical Directors and Imaging Scientists who require quality imaging data delivered on-time, within budget and on a consistent basis, VirtualScopics' clinical trial imaging solutions are an inspired true exception to commonly-accepted services provided by other clinical trial imaging providers. Because of the scientific and operational flexibility and responsiveness available, VirtualScopics' clinical trial imaging solutions deliver special performance advantages compared to other image service providers that offer common, everyday clinical trial imaging services. For more information on VirtualScopics, Inc. please visit www.virtualscopics.com.
About IXICO
IXICO, the brain health company, uses its innovative and proprietary digital platform technologies to help those involved in researching and treating serious diseases to make rapid decisions and improve patient outcomes. Established since 2004, IXICO has significant experience in working with global pharmaceutical and biotechnology companies in dementia clinical studies and other neuro-degenerative disorders including Huntington's disease and Multiple Sclerosis.
For more information about IXICO, please visit www.ixico.com
Forward-looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the company's investment in infrastructure, new office in New Hope, Pennsylvania, the Scientific Advisory Board, the strategic alliance with IXICO, plc, the increase in awards outstanding and bookings and new customer contract signings and awards and/or statements preceded by, followed by or that include the words "believes", "could", "expects", "anticipates", "estimates", "intends", "plans", "projects", "seeks", or similar expressions. Forward-looking statements deal with the company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Many of these risks and uncertainties are discussed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission (the "SEC"), and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at www.sec.gov. These include without limitation: the risk of cancellation or delay of customer contracts or specifically as it relates to contract awards, the risk that they may not get signed.
Other risks include the company's dependence on its largest customers and risk of contract performance, protection of our intellectual property and the risks of infringement of the intellectual property rights of others. All forward-looking statements speak only as of the date of this press release and the company undertakes no obligation to update such forward-looking statements.
Enquiries:
Donna Stein & Partners (VirtualScopics enquiries)
Donna N. Stein +1 315 361 4672
dstein@twcny.rr.com
IXICO plc
Derek Hill, CEO
John Hall, VP Business Development
Charles Spicer, VP Corporate Development
UK Headquarters: Griffin Court, 15 Long Lane London EC1, United Kingdom
+44 203 763 7499
US Office: Building D-1, 220 Union Square Drive, New Hope, Pennsylvania, US
Peel Hunt LLP (Nominated Adviser and Broker)
James Steel
Clare Terlouw
+44 20 7418 8900
Daniel Stewart & Company (Joint Broker)
Mark Treharne
David Hart
+44 207 776 6550
FTI Consulting Limited (Investor Relations)
Ben Atwell
Simon Conway
+44 20 3727 1000
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SOURCE VirtualScopics, Inc.