ROCHESTER, N.Y., March 15 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-related biomarker solutions, announced today that it has been selected to receive a Rochester Business Journal 2006 Health Care Achievement Award. Recipients will be honored for their efforts at a luncheon on April 11 at the Rochester Riverside Convention Center. VirtualScopics also announced today a clarification of yesterday’s announcement concerning its agreement in principle with GlaxoSmithKline to participate in an osteoarthritis clinical trial program.
The Health Care Achievement Award spotlights people or organizations that have made outstanding contributions to local health care in each of the following categories: innovation, non-physician, physician and volunteer. Eight individuals and four organizations were selected to receive the Rochester Business Journals 2006 Health Care Achievement Award.
VirtualScopics received its award in the innovation category, along with Eastman Kodak’s health care group for its radiography systems, and Dr. Stephen Kates, MD, developer and co-director of the Geriatric Fracture Center at Highland Hospital of Rochester.
VirtualScopics is able to integrate in-depth knowledge of image-based biomarkers, expertise in a variety of medical imaging techniques, and proprietary software tools in clinical trials, to precisely assess disease progression after the intervention of a drug or device, with fewer patients and lower cost than conventional approaches.
“VirtualScopics is honored that the local business community recognizes its innovative technology, and its role in the local business community,” said Bob Klimasewski, President and CEO of VirtualScopics. “VirtualScopics’ technology is being utilized by many of the leading pharmaceutical, biotech and medical device companies worldwide to bring new products to market faster.”
VirtualScopics also announced today a clarification of yesterday’s announcement concerning its agreement in principle with GlaxoSmithKline to participate in an osteoarthritis clinical trial program. The agreement entered into authorizes VirtualScopics to begin start-up activities for participation in GSK’s osteoarthritis clinical trial program and reimburse VirtualScopics for its project costs. Certain terms of the final agreement are currently being negotiated by the parties. The company anticipates that the final agreement will be completed within the coming weeks.
About VirtualScopics, Inc.
VirtualScopics, Inc. is a provider of advanced medical image analysis services. The company evolved from research first carried out at the University of Rochester Medical Center and School of Engineering. VirtualScopics has created a suite of image analysis tools used in detecting and analyzing specific structures in volumetric medical images, as well as characterizing minute changes in structures over time, providing vital information to support clinical trials and diagnostic applications. The firm’s proprietary software algorithms can assemble hundreds of separate medical images taken during an MRI session into a single, three-dimensional model, bringing a new and previously unobtainable source of data to clinical researchers. 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 its current and potential contract with GlaxoSmithKline and the expected benefits to the Company therefrom and/or statements preceded by, followed by or that include the words “believes,” “could,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “seeks,” or similar expressions. 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 8-K for November 4, 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 of contract performance; risks of contract termination; and, the Company’s ability to successfully enter into a contract with GlaxoSmithKline for full participation in its osteoarthritis clinical trial program and its ability to do so on favorable terms.
CONTACT: Tracy Bagatelle-Black Bagatelle-Black Public Relations 661/263-1842 tracy@bagatelleblack.com
VirtualScopics, LLC
CONTACT: Tracy Bagatelle-Black for VirtualScopics, LLC, +1-661-263-1842,or tracy@bagatelleblack.com
