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VirtualScopics Reports 2nd Quarter 2012 Results
Date:8/14/2012

the amount of new project awards has been slower than we experienced in previous years, we have seen an increasing number of requests for proposals throughout 2012, from both the PPD channel and our direct sales efforts.  This activity was highlighted by an important multi-study program award with a top global pharmaceutical company that recently named VirtualScopics as a preferred provider." He concluded, "We believe that the changes we are making to our sales team and our overall sales process coupled with the increases we are seeing in requests for proposals and our strategic alliance with PPD, will increase the level of business activity from what we have experienced over the past year."

"In light of the softness in our revenues during 2012, we are continuing to actively monitor the necessary level of expenditures to support our current and anticipated business while also making the necessary investments in new market opportunities," stated Molly Henderson, chief business and financial officer of VirtualScopics. "I'm confident that our cash position will enable us to invest appropriately in both the core lab and the personalized medicine businesses." She added, "As such, we are working diligently toward the development of our personalized software applications and related FDA approval. We have initiated the hiring of personnel dedicated to this new business unit who will manage and accelerate our development in this emerging market." She concluded, "Specifically, with regard to our 510k application to the FDA, we recently submitted our responses to the examiner's questions and are confident as we near the final stages of the process."

Jeff Markin and Molly Henderson will provide a business and second quarter 2012 financial update during the conference call this morning at 11:00 a.m. ET.  Interested participants should call 877.407.8035 when calling within the United States or +1 201 689 8035 when calling internationally. This call can a
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SOURCE VirtualScopics, Inc.
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