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VirtualScopics Receives NASDAQ Delisting Notice; Company Files Appeal to Stay Delisting
Date:8/11/2008

ROCHESTER, N.Y., Aug. 11 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), leading provider of quantitative imaging for clinical trials, today announced that on August 7, 2008, it received notification from The NASDAQ Stock Market that the Company remains out of compliance with the $1.00 minimum per share bid requirement for continued listing as set forth in NASDAQ Marketplace Rule 4310(c)(4). As a result, VirtualScopics' securities are subject to delisting from The NASDAQ Capital Market.

In response to the notification, the Company has filed an appeal of the Staff Determination to a NASDAQ Listings Qualification Panel. The appeal request will automatically stay the delisting until the Panel reaches a decision. NASDAQ will typically hold a hearing to consider an appeal within 45 days after the appeal is made, and it may take up to 30 days after the hearing to make a decision. At the hearing, VSCP intends to present a plan to regain compliance with the minimum bid price requirement in order to maintain its NASDAQ listing. There can be no assurance the Panel will grant the Company's request for continued listing.

VSCP anticipates that its plan will consist of a request for additional time, not to exceed 180 days from August 6, 2008, for the Company to regain compliance without effecting a reverse stock split, provided that if the Company does not achieve compliance by a certain date within this additional time, the Company will effect a reverse split. Under Delaware law, the Company can effect a reverse stock split by obtaining stockholder approval, which the Company received on May 8, 2008 at its Annual Meeting of Stockholders.

"Maintaining our NASDAQ Capital Market listing is important to the Company's vi
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SOURCE VirtualScopics, Inc.
Copyright©2008 PR Newswire.
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