ROCHESTER, N.Y., Sept. 6, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today announced that it has received notification from The NASDAQ Stock Market that it has regained compliance with the minimum $1.00 per share bid price requirement, and further, that it currently complies with all other applicable standards for continued listing.
To regain compliance with the bid price rule, the Company was required to evidence a closing bid price of $1.00 per share or more for a period of at least 10 consecutive trading days. The Company effected a reverse stock split with a ratio of 1-for-10 on August 21, 2013. On September 5, 2013, the closing price of the Company's common stock was $4.84 per share which marked the tenth consecutive day the stock price had a closing bid price above $1.00 per share. Since the Company has achieved compliance with the bid price rule, there is no need for the Company to initiate the appeal process with NASDAQ.
VirtualScopics will continue to trade on the NASDAQ Capital Market and the previously disclosed delisting proceeding related to its bid price compliance is now closed.
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 company's ability to maintain compliance with NASDAQ listing standards 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. 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.
President and CEO
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SOURCE VirtualScopics, Inc.