ROCHESTER, N.Y., Jan. 11 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-related biomarkers, announced today that in December 2005, it signed a new contract with a major pharmaceutical company representing its 14th new customer for the year. The new contract brings the total amount of business contracted in 2005 to more than $5,000,000, a larger than 100% increase from 2004. Also, in 2005, VirtualScopics more than doubled its customer base to 26.
VirtualScopics now has contracts with seven of the top 15 global pharmaceutical, biotech and medical device companies. The company’s proprietary software tools for quantification of image-based biomarkers have been utilized by customers in clinical studies conducted in North America, Europe and Asia.
Additionally, last year the company renewed its strategic alliance with Pfizer. That collaboration enables Pfizer to apply VirtualScopics’ technology to ongoing clinical research in an effort to identify and validate image-based biomarkers correlating to clinical outcomes.
“2005 represented a year of significant growth for VirtualScopics, verifying increased acceptance of our value proposition among key customers in pharmaceuticals, biotech, and medical devices; as well as the investment community,” said Bob Klimasewski, president and CEO of VirtualScopics. “Our customers look to VirtualScopics for clinical insight which helps them speed new drugs and medical devices to market saving time and money. We anticipate follow-on business from these customers with larger contract amounts to fuel our growth in 2006 and beyond.”
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 of Bagatelle-Black Public Relations,+1-661-263-1842, or tracy@bagatelleblack.com , for VirtualScopics, LLC
Web site: http://www.virtualscopics.com/
