Over 120% increase compared to prior year
ROCHESTER, N.Y., April 1 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading provider of quantitative imaging for clinical trials, today announced that its project balance (the amount remaining to be recognized from its active and awarded projects and commonly referred to as backlog within the clinical research industry), exceeds $31 million which compares to $13.7 million at the same time a year ago, a greater than 120% increase. The average duration of the studies included within the backlog is 4-1/2 years. The company anticipates that the awarded contracts included in the project balance will be signed within the next several months as the projects near their start dates.
“We are gratified with the more than doubling of our project balance over the past year. This significant increase directly indicates the confidence our customers have in our people, technology, operational reach, and overall capability to deliver results they can count on to make the important decisions required with today’s complex study designs,” said Jeff Markin, VirtualScopics’ president and chief executive officer. He added, “With the depressed global economic environment, we are especially encouraged at the growth we are seeing and remain optimistic with our 2009 projections.”
Vice President of Business Development, Rosemary Shull, stated “An exciting component of our project balance is the growing percentage of studies that originated outside the United States. Currently, over 30% of our awarded contracts are from customers overseas.” She added, “Companies routinely indicate that it’s VirtualScopics’ advanced technology coupled with our highly experienced and responsive project team that leads them to select us for their studies.”
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. These forward-looking statements include, but are not limited to, statements regarding the backlog and new customer awards in 2008 and/or statements preceded by, followed by or that include the words “believes,” “could,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “seeks,” or similar expressions. 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. Many of these risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 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: the risk of cancellation or delay of customer contracts or specifically as it relates to awards of contracts currently under negotiation and the risk that they may not get signed. Other risks include the company’s dependence on its largest customers, the amount of new contract awards coming from its largest customer, and risks associated with contract performance. All forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update such forward-looking statements.
CONTACT: Molly Henderson, Chief Business and Financial Officer of
VirtualScopics, Inc., +1-585-249-6231
Web site: http://www.virtualscopics.com/
