ROCHESTER, N.Y., June 27, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today announced that they have completed analysis of a greater than 10,000 scan Phase III breast cancer study one week ahead of the six week contract period of the study utilizing a recently launched 3rd generation analysis platform.
Details of this new system include:
- Significant advances in radiology productivity enabling shorter timelines and reduced cost.
- An automated case check feature that validates radiologist input according to the technical details of analysis criteria and detects errors in real-time reducing rework and enhancing first pass quality.
- A one-touch, automated data management system ensuring complete data integrity from receipt to delivery reducing the need for data reconciliation and allowing for compressed timelines, a critical element for late phase studies.
- Significant enhancements in our Phase III capacity and quality control processes, facilitating increased revenue growth, client satisfaction, and financial return.
Jeff Markin, president and chief executive officer of VirtualScopics stated, "We are extremely pleased to have finished this very large time compressed study ahead of schedule. The analysis represented in this study is the last remaining piece of efficacy data required for the client's submission to the regulatory authorities. As such, it was very important for us to complete this with the highest possible quality at or ahead of schedule." He further stated, "This study, along with regularly contracted work completed during the same period, represented a greater than 300% increase in the quantity of data ever processed by the company in a five week timeframe. I am very proud of our team for completing this ahead of schedule including a results file with over 2 million records with no data errors identified by the client or their data management company." He concluded, "As we process and pursue additional large studies like this our personnel, software, and systems positions us very well from a client and financial perspective."
About VirtualScopics, Inc.
VirtualScopics, Inc. is a leading provider of imaging solutions to accelerate drug and medical device development. VirtualScopics has developed a robust software platform for analysis and modeling of both structural and functional medical images. In combination with VirtualScopics' industry-leading experience and expertise in advanced imaging biomarker measurement, this platform provides a uniquely clear window into the biological activity of drugs and devices in clinical trial patients, allowing sponsors to make better decisions faster. For more information about VirtualScopics, visit www.virtualscopics.com.
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 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, 2012 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 contact awards, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks 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.
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SOURCE VirtualScopics, Inc.