ROCHESTER, N.Y., March 14 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-related biomarker solutions, announced today that it has signed its largest single contract to date with GlaxoSmithKline potentially in excess of $3 million. With this contract, VirtualScopics’ technology is now being utilized by 8 of the 15 top pharma, biotech and medical device companies worldwide to bring new products to market faster.
For this study, VirtualScopics will analyze magnetic resonance imaging (MRI) data on subjects with osteoarthritis, and will be responsible for co- managing the collection of MRI data from sites located throughout North America, Asia and Europe.
VirtualScopics is able to integrate in-depth knowledge of image-based biomarkers, expertise in a variety of medical imaging techniques, and proprietary software tools that can precisely assess disease progression after the intervention of a drug or device, with fewer patients and lower cost than conventional approaches.
“GlaxoSmithKline is a global leader in drug development, consistently ranking as one of the world’s top 5 spenders in ethical R&D,” said Bob Klimasewski, president and CEO of VirtualScopics. “Their decision to collaborate with VirtualScopics on a study of this magnitude demonstrates the value placed on our technology and capabilities. We look forward to working with GSK in their development of a new treatment option for millions of osteoarthritis sufferers worldwide.”
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 http://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. 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. 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 Bagatelle-Black Public Relations 661/263-1842 tracy@bagatelleblack.com
VirtualScopics, LLC
CONTACT: Tracy Bagatelle-Black for VirtualScopics, LLC, +1-661-263-1842 ortracy@bagatelleblack.com
Web site: http://www.virtualscopics.com//
