ROCHESTER, N.Y., Aug. 16, 2013 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today announced that Dr. Mostafa Analoui was elected chairman of the board. Dr. Analoui has served as a board member for five years and is currently the Head of Healthcare and Life Sciences Division at the Livingston Group in New York City. Prior to that, Dr. Analoui was a Senior Director and the Groton/New London Site Head for Global Clinical Technology at Pfizer Global Research and Development from 2001 through February 2008, where he led the platform technology mission for the clinical development and commercial division in areas including the medical imaging, diagnostics computational medicine, knowledge management and non-invasive measurement monitoring.
"VirtualScopics is a major player in the imaging CRO market, built around unique and broad tools, processes, and talents to address significant needs in clinical trials for therapeutics and medical devices. I am excited and honored to be trusted by my colleagues to lead the board as the company goes through a critical path to recovery and planning for strong growth in our core business," said Dr. Analoui. He further stated, "In recognition of company's recent decline in revenue and slow progress in the personalized medicine initiative, the board recently created a task force to review and offer recommendations for our business lines, as well as improvements in board governance. The Board has received and endorsed recommendations from the task force and intends to be actively engaged in the development of the strategic plans and the implementation of these recommendations."
Dr. Analoui expressed his appreciation to outgoing Board Chair Robert Klimasewski, saying, "Bob has been an integral part of VirtualScopics for several years, serving as CEO and on the Board of Directors, including as Chairman of the Board since 2007. His continued participation on the Board will further add to his contributions to the company."
In addition, the company received authorization from the stockholders at the annual meeting on August 13, 2013, to effectuate a reverse stock split. The reverse stock split is intended to help the company regain compliance with the minimum $1 bid price per share requirement for listing on the NASDAQ Capital Market. The Company is planning to affect the reverse stock split in the near future.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.CONTACTS:Company Contact:Molly HendersonChief Business and Financial Officer, Sr. Vice President500 Linden OaksRochester, New York 14625+1 585 249.6231Forward-Looking StatementsThe 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 Company's attempts to regain compliance with Nasdaq listing requirements, the expected benefits of the Company's investment in infrastructure and new customer contract signings and awards 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, 2012 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 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.
|SOURCE VirtualScopics, Inc.|
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