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VirtualScopics Reports Second Quarter 2008 Results
Date:8/12/2008

2008 First Half Revenues Increased 20% over 2007

ROCHESTER, N.Y., Aug. 12 /PRNewswire-FirstCall/ -- VirtualScopics, Inc. (Nasdaq: VSCP), a leading provider of quantitative imaging for clinical trials, announced today that revenues for the first half of 2008 rose to nearly $3.4 million, a 20% increase over prior year's comparable period. Revenues for the second quarter ended June 30, 2008 were over $1.7 million compared to $1.5 million in the second quarter of 2007. The gross margin for the second quarter of 2008 was 41% compared to 37% in the second quarter of 2007, leading to a 25% improvement in gross profit. Operating loss for the quarter ended June 30, 2008 was $866,727 compared to $1,065,066 for the prior year's comparable period.

"We are very pleased by the growth in revenue and gross margin through the first half of 2008 which we believe further validates our operating model," stated Jeff Markin, president and chief executive officer of VirtualScopics. "These improvements in quarterly performance coupled with the greater than $20,000,000 in project backlog gives us confidence in the strength and demand of our business and the services we offer in the marketplace." He added, "We fully anticipate this momentum to continue as we execute on our operating and financial plans for 2008."

Jeff Markin and Chief Business and Financial Officer, Molly Henderson will provide a business update and discuss these results during the conference call on Wednesday, August 13, 2008 at 11:00 a.m. EDT. Interested participants should call 877-407-0778 when calling within the United States or 201-689-8565 when calling internationally. There will be a playback available until September 13, 2008. To listen to the playback, please call 877-660-6853 when calling within the United States or 201-612-7415 when calling internationally. For the replay, please use account number: 286, conference ID number: 293002

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 http://www.virtualscopics.com.

Forward-Looking Statements

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-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 http://www.sec.gov. These include without limitation: the risk of cancellation or delay of customer contracts or specifically as it relates to contact awards, the risk that they may not get signed. Other risks include the company's dependence on its largest customers and risks of contract performance, protection of our intellectual property and the risks of infringement of the intellectual property rights of others. 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.

VirtualScopics, Inc.

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

June 30, Six Months Ended June 30,

2008 2007 2008 2007

Revenues $1,733,299 $1,536,287 $3,367,402 $2,814,692

Cost of services 1,021,536 967,839 2,051,520 1,768,358

Gross profit 711,763 568,448 1,315,882 1,046,334

41% 37% 39% 37%

Operating expenses:

Research and

development 212,825 380,965 464,654 787,919

Sales and marketing 384,237 193,163 673,111 405,279

General and

administrative 580,435 601,615 1,074,876 1,205,633

Stock based

compensation expense 284,228 339,278 687,291 745,482

Depreciation and

amortization 116,765 118,493 234,332 236,205

Total operating

expenses 1,578,490 1,633,514 3,134,264 3,380,518

Operating loss (866,727) (1,065,066) (1,818,382) (2,334,184)

Other income (expense)

Interest income 17,002 43,167 45,727 92,537

Other expense (1,385) (1,253) (2,968) (3,231)

Total other income 15,617 41,914 42,759 89,306

Net Loss $(851,110) $(1,023,152) $(1,775,623) $(2,244,878)

Series B preferred

stock cash dividend 84,520 - 169,760 -

Net loss attributable

to common stockholders $(935,630) $(1,023,152) $(1,945,383) $(2,244,878)

Net loss per share

Basic and diluted $(0.04) $(0.04) $(0.08) $(0.10)

Weighted average shares

used in computing net

loss per share

Basic and diluted 23,358,625 23,001,334 23,302,346 22,986,880

VirtualScopics, Inc.

Condensed Consolidated Balance Sheets

June 30, 2008 December 31, 2007

Assets (unaudited)

Current assets

Cash and cash equivalents $3,238,820 $3,955,835

Restricted cash 200,076 455,583

Accounts receivable 918,363 648,300

Prepaid expenses and other assets 282,027 306,301

Total current assets 4,639,286 5,366,019

Patents, net 1,941,489 1,948,785

Property and equipment, net 455,660 542,679

Other assets 218,552 323,533

Total assets $7,254,987 $8,181,016

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and accrued expenses $729,247 $626,693

Accrued payroll 384,109 221,013

Unearned revenue 212,941 279,275

Total current liabilities 1,326,297 1,126,981

Commitments and Contingencies - -

Stockholders' Equity

Preferred stock, $0.001 par value;

15,000,000 shares authorized;

8,400 shares designated Series A;

issued and outstanding: 3,976 at

June 30, 2008, 4,001 at December 31,

2007 4 4

6,000 shares designated Series B;

issued and outstanding: 4,226 at

June 30, 2008, 4,230 at December 31,

2007 4 4

Common Stock, $0.001 par value;

85,000,000 shares authorized; issued

and outstanding: 23,459,852 at June

30, 2008 and 23,225,664 at December

31, 2007 23,460 23,226

Additional paid-in capital 16,266,168 15,616,124

Accumulated deficit (10,360,946) (8,585,323)

Total stockholders' equity 5,928,690 7,054,035

Total liabilities and stockholders'

equity $7,254,987 $8,181,016

CONTACT: Company Contact:

Molly Henderson

Chief Business and Financial Officer

500 Linden Oaks

Rochester, New York 14625

(585)249.6231


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SOURCE VirtualScopics, Inc.
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