ROCHESTER, N.Y., Dec. 2 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, today announced that its backlog currently exceeds $27 million compared to $14.7 million at the same time a year ago, a greater than 80% increase. The company calculates backlog as the amount remaining to be recognized from active and awarded contracts. The duration of the studies included within the backlog ranges from 2 months to 6 years and the company anticipates that awarded contracts will be signed within the next several months as the projects near their start dates.
"We continue to be extremely pleased with the growth in our project backlog which has not only showed greater than 80% growth compared to last year at this time, but is also 35% higher than the $20 million we announced just five months ago," said VirtualScopics' President and Chief Executive Officer, Jeff Markin. "Not only does the strength of our backlog demonstrate our future revenue potential it also shows the continued momentum in the demand for our services within the industry." He further added, "As we near the end of 2008, we remain confident in our ability to achieve our 2008 financial targets announced at the beginning of this year and are looking forward to a solid close to the year."
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 .
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-KSB for the fiscal year ended December 31, 2007 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, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks of 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: Company Contact: Molly Henderson Chief Business and Financial Officer 500 Linden Oaks Rochester, New York 14625 (585)249.6231
|SOURCE VirtualScopics, Inc.|
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