ROCHESTER, N.Y., May 1 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-based biomarker solutions, announced today that year-to-date 2007 contract awards totaled $4.1 million dollars, a greater than 100% increase over the same period in 2006.
The contracts call for VirtualScopics to perform site qualification and training for more than 100 global imaging sites, image data analysis and final reporting. Some of these studies represent later stage clinical trials which are additional agreements to the early development clinical trials previously contracted with the same sponsors. The 2007 contracts awards include three new customers, two of which are based in Europe.
"This greater than 100% growth in new contract signings directly reflects the pharmaceutical industry's demand for quantitative image analysis in their clinical trials as well as their confidence in our technology and operational capability. Companies not only want to characterize the progression of the disease, but also want to confirm the compound's mechanism of action. We are well positioned to provide these insights while delivering results on a global basis meeting their accelerating development timelines," said Rosemary Shull, director of business development at VirtualScopics.
The company also announced today that it has received notification that a previously announced osteoarthritis contract totaling $1.7 million dollars has been suspended due to the customer's internal concerns relating to their study design.
"We continue to be excited by the growth of the company across many fronts, especially as evidenced by this very significant increase in new customer contracts. We are especially pleased to see that a high percentage of these contracts are in later stage oncology trials which aligns to a major corporate initiative we launched in the latter part of 2006," said Jeff Markin, president and CEO of VirtualScopics.
VirtualScopics will elaborate further at its annual meeting of stockholders on May 23, 2007. The meeting will be at 11 a.m. EDT at the Country Club of Rochester. Additionally, the company will be releasing its first quarter 2007 earnings on May 9, 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. 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 the ability for the majority of the contracts to be cancelled with a 30 day advance notification by the customer.
CONTACT: Tracy Bagatelle-Black Tim Ryan Bagatelle-Black Public Relations Trout Group Investor Relations (661) 263-1842 (646) 378-2924 tracy@bagatelleblack.comtryan@troutgroup.com
VirtualScopics, LLCCONTACT: Tracy Bagatelle-Black of Bagatelle-Black Public Relations,+1-661-263-1842, tracy@bagatelleblack.com; Tim Ryan of Trout Group InvestorRelations, +1-646-378-2924, tryan@troutgroup.com
Web site: http://www.virtualscopics.com/
