VirtualScopics Reports Dr. Mostafa Analoui Elected Chairman of the Board
ROCHESTER, N.Y., Aug. 16, 2013
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
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
CONTACTS: Company Contact:
Chief Business and Financial Officer, Sr. Vice President
500 Linden Oaks
Rochester, New York 14625
+1 585 249.6231
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 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
SOURCE VirtualScopics, Inc.
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