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VirtualScopics Reports First Quarter 2013 Results
Date:5/15/2013

uarter period than at any time over the past two years."  He concluded, "We believe this sales momentum will continue as the year progresses."

"In light of the continued softness in our top line, we remain diligent in monitoring our costs," stated Molly Henderson, chief business and financial officer of VirtualScopics. She added, "Although the analysis of the Phase III study is occurring later than we anticipated, we are confident in our ability to meet the condensed timeline and that we will see a positive impact to second quarter results." She continued, "In addition to the increase in the number of project awards in 2013 we are encouraged by the nature of the new business we have experienced." She further added, "Of note, seven of our year to date 2013 project awards came from new customers. This number exceeds the amount of new customers we secured in all of 2012." She stated, "Incoming requests for proposal (RFPs) remain strong as we received a greater number during the first quarter of 2013 than any previous first quarter in the company's history, which gives us confidence on the health of the industry and the interest in our services."  She concluded, "While we are optimistic in our ability to translate these RFPs into awarded projects, we believe it's critical for us to ensure our cost structure is in line with our opportunities in order to minimize the amount of cash consumed during these times of fluctuating revenue."

Jeff Markin and Molly Henderson will provide a business update and discuss these results during the conference call today 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 also be accessed at www.virtualscopics.com and will be available for 30 days after the call.

The Company provides Adjusted EBITDA as a supplemental measure to Generally Accepted Acco
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