Over 120% increase compared to prior year
ROCHESTER, N.Y., April 1 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), 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."
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|SOURCE VirtualScopics, Inc.|
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