ROCHESTER, N.Y., Oct. 10 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. , a leading developer of image-based biomarker solutions, announced today the signing of two, 24-month contracts totaling $1,400,000 for two Phase II/III cancer studies of the vascular disruptive agent MN-029 with MediciNova; a San Diego based pharmaceutical company. The agreements call for VirtualScopics to perform site qualification and training for more than 110 global imaging sites, image data analysis and final reporting.
These studies, which include both standard CT tumor imaging and dynamic contrast enhanced MRI (DCE-MRI), an advanced imaging technique for directly measuring blood flow and vascular permeability in tumors, were awarded to VirtualScopics on the strength of the company’s performance on two earlier Phase I trials of the same compound. MN-029 was advanced into Phase II/III with confidence due in part to the image-based biomarker data provided by VirtualScopics.
“MediciNova’s confidence in the analysis VirtualScopics provides, as well as our ability to manage a large number of international sites, is something we are very proud of and look forward to building upon in the future,” said Rosemary Shull, director of business development at VirtualScopics.
“Confidently moving a compound forward is foremost in our customer’s minds. Meeting their unique needs at each stage of the drug development process is our primary objective,” said Jeff Markin, president and CEO of VirtualScopics. “It is gratifying to have MediciNova validate this with the privilege of continuing to work with them as MN-029 moves to Phase II/III.”
About MediciNova
MediciNova, Inc. is a publicly traded pharmaceutical company focused on accelerating the global development and commercialization of innovative pharmaceutical products. MediciNova’s pipeline, which includes several compounds in clinical testing, targets a variety of prevalent medical conditions, including cancer, asthma, Generalized Anxiety Disorder, multiple sclerosis, interstitial cystitis, status asthmaticus, pre-term labor and urinary incontinence. For more information on MediciNova, Inc., please visit www.medicinova.com.
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.
CONTACT: Tracy Bagatelle-Black Bagatelle-Black Public Relations 661/263-1842 tracy@bagatelleblack.com Tim Ryan Trout Group Investor Relations 212 477 9007 x24 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, +1-212-477-9007, ext. 24, or tryan@troutgroup.com, bothfor VirtualScopics, Inc.
