ROCHESTER, N.Y., Feb. 26 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image based biomarker solutions, announced today that it has begun work on two research contracts from the Department of Defense totaling $2.2 million. The contracts will explore the application of VirtualScopics’ proprietary image analysis technologies to the interpretation of optical hyper-spectral reconnaissance and surveillance imagery.
The first contract, which is an 18-month agreement, involves the development of a workflow engine for efficient and consistent analysis of hyperspectral image data. The second contract, a three year agreement, allows for research in hyperspectral image processing aimed at the development of software analysis tools.
“We are excited to begin work on these contracts,” said Jonathan Riek, vice president of government solutions at VirtualScopics. “These contracts give us the opportunity to take the knowledge and algorithms we have developed within medical imaging and apply them to an exciting new area.”
“Our work on these two agreements can have great value to the defense industry while at the same time further accelerating the growth of our company,” said CEO and President, Jeff Markin.
New York Congressman Jim Walsh said, “One of the main challenges facing today’s analytical community, within the defense sector, is how to effectively utilize increasing volumes of gathered data and information. I am pleased that VirtualScopics and Navy Research Labs are collaborating to provide the needed solutions and at the same time contributing to the Western New York economy with additional high tech business.”
“VirtualScopics is a perfect example of what Rochester has to offer. The company is a leader in its field and is conducting pioneering research every day,” said Representative Louise Slaughter. “By supporting the work of VirtualScopics, we are making an investment in more than just emerging technologies. We are also investing in the future of Western New York, a future made bright by the highly-skilled workforce that calls our region home.”
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. 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 including Pfizer’s ability to terminate its alliance with the company with 30 days written notice.
CONTACT: Tracy Bagatelle-Black Bagatelle-Black Public Relations 661/263-1842 tracy@bagatelleblack.com Tim Ryan Trout Group Investor Relations 646/378-2924 tryan@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, +1-646-378-2924, or tryan@troutgroup.com, both forVirtualScopics, Inc.
Web site: http://www.virtualscopics.com/
