ROCHESTER, N.Y., Jan. 8 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-based biomarker solutions, today announced that in 2006 it signed new contracts totaling $8.5 million, a 67% increase over 2005 contract signings. The average length of the new contracts is approximately 20 months.
During 2006, the company performed work on 69 projects compared to 49 in 2005. In 2006, the company had active projects with nine of the top 15 pharmaceutical companies in the world.
During 2007 the company's professional expertise and proprietary analysis tools for quantification of image-based biomarkers will be utilized by customers in clinical studies conducted in North and South America, Europe and Asia.
"2006 was a record year for the company on many fronts," stated Jeff Markin, president and CEO of VirtualScopics. "We managed a 41% increase in the number of active projects in a way that consistently exceeded our customer's expectations. This focus on the customer has allowed us to deliver the 67% increase in new customer contracts in 2006 versus 2005. We are very pleased with this momentum and expect to continue to grow in 2007."
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.
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 awards of a potential contract from the U.S. Department of Defense and the expected benefits to the Company from that award and its existing contract with Pfizer 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 Current Report on Form 10-KSB for December 31, 2005 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: risks related to the dependence on our strategic alliance with Pfizer; risks of contract performance; risks of contract termination; and, our ability to successfully enter into a contract with the Department of Defense for the award we obtained and our ability to do so on terms favorable to us. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.
CONTACT: Tracy Bagatelle-Black Tim Ryan Bagatelle-Black Public Relations Trout Group Investor Relations 661/263-1842 212 477 9007 x24 tracy@bagatelleblack.comtryan@troutgroup.com
VirtualScopics, Inc.CONTACT: Tracy Bagatelle-Black of Bagatelle-Black Public Relations,+1-661-263-1842, or tracy@bagatelleblack.com; or Tim Ryan of Trout GroupInvestor Relations, +1-212-477-9007 x24, or ryan@troutgroup.com, both forVirtualScopics, Inc.
Web site: http://www.virtualscopics.com/
