VirtualScopics Announces $4.35 Million Private... ( Proceeds Will Be Used to A...)

VirtualScopics Announces $4.35 Million Private Placement

Date:9/17/2007

Proceeds Will Be Used to Accelerate Growth Initiatives

ROCHESTER, N.Y., Sept. 17 /PRNewswire/ -- VirtualScopics, Inc. (Nasdaq: VSCP) today announced that it has completed a private placement of $4,350,000 of Series B Convertible Preferred Stock and Warrants with a group of institutional and other accredited investors. VirtualScopics currently intends to use the net proceeds from the offering to expand its sales and marketing efforts, software and technology enhancements and ongoing operations.

"We are pleased with the closing of this transaction," said Jeff Markin, president and chief executive officer of VirtualScopics, Inc. "Completing this offering will strengthen our balance sheet, expand our shareholder base and enable us to increase our sales and marketing efforts."

The Series B Preferred Stock is initially convertible into 3,612,057 shares of the Company's common stock at an initial conversion price of $1.2043 per share, based on the volume weighted average of recent market prices. The Series B Preferred Stock carries a dividend of 8%, payable monthly in either cash or in shares of the Company's common stock. The Company also issued to the investors Warrants to purchase an aggregate of 2,167,234 shares of common stock, half of which have an initial exercise price at the conversion price per share and half at a 15% premium.

BridgePointe Master Fund Ltd. (managed by Roswell Capital Partners) acted as the lead investor and BayStar Capital III Investment Fund, L.P. also participated. The sole placement agent on this transaction was Canaccord Adams, Inc.

The securities offered in this placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and cannot be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. As part of the transaction, the Company has agreed to fi
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SOURCE VirtualScopics, Inc.
Copyright©2007 PR Newswire.
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