Additional deferral of bid price requirement gives Company until November 2009
ROCHESTER, N.Y., March 25 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP) today announced that The Nasdaq Stock Market has informed the Company that it has further extended the temporary suspension of the $1.00 minimum bid price requirement until July 20, 2009. As a result of the rule suspension by Nasdaq, VirtualScopics now has until November 9, 2009 to regain compliance with the minimum $1.00 share bid price requirement instead of the previously reported date of July 10, 2009.
The Company received stockholder approval to effectuate a reverse stock split, through May 9, 2009, in the event that the minimum bid price has not been achieved. Because of the further deferral by Nasdaq, the Company's intention is to request an extension from its stockholders to take advantage of the additional time allowed by Nasdaq to regain compliance.
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 expected benefits of the Company's investment in infrastructure and new customer contract signings and 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.
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