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VirtualScopics' Board of Directors Appoints Eric Converse Interim Chief Executive Officer, Announces Resignation of Jeff Markin



   VirtualScopics' Board of Directors Appoints Eric Converse Interim Chief
           Executive Officer, Announces Resignation of Jeff Markin

Korn/Ferry Retained to Initiate Search for Next CEO

PR Newswire

ROCHESTER, N.Y., Oct. 25, 2013

ROCHESTER, N.Y., Oct. 25, 2013 /PRNewswire/ -- Mostafa Analoui Ph.D., Chairman
of the Board of Directors of VirtualScopics, Inc. (NASDAQ: VSCP), a leading
provider of quantitative imaging, today announced the appointment of current
board member, Eric Converse as Interim CEO. Mr. Converse succeeds Jeff Markin,
President and CEO since 2006, who has stepped down to pursue other interests.

Dr. Analoui also announced that the Board has retained Korn/Ferry
International, a leading executive recruiting firm, to initiate a search
process for the next CEO.

This management change is in line with the latest in a series of recent steps
led by Dr. Analoui and VirtualScopics' Board, to unlock future growth, broaden
the company's offering and expand its global reach. Since taking the Chairman
role in August, Dr. Analoui  has initiated internal actions designed to
accelerate new contract awards while enhancing client satisfaction, continued
diligence on expenses to improve profitability, and overseen other measures to
improve top and bottom line growth.

The company also intends to establish a world-class Scientific Advisory Board
(SAB), which will comprise insight and analysis from Dr. Edward Ashton,
VirtualScopics' Chief Scientific Officer, as well as top scientists and
researchers from around the world. The SAB will enable VirtualScopics to
continue to maintain its leadership position in delivering innovative
technologies that drive value and results for customers and their patients.

"This is certainly a unique transitional period for VirtualScopics, as we
believe our innovative technology and continued investment in both research
and talent have positioned us quite well to generate value for our customers,
shareholders and employees," said Dr. Analoui.  "We want to recognize the
significant achievements the company has made under Jeff's leadership and wish
him well in his future endeavors. The Board looks forward to working with Eric
to guide the company through this transition and we remain confident in our
ability to successfully execute this next stage of VirtualScopics' growth."

Mr. Markin said, "I have greatly enjoyed my tenure at VirtualScopics and am
proud of our accomplishments.  We've laid a strong foundation for success as
evidenced by growth in revenue, margin, cash and new bookings.  I wish
Mostafa, the Board, and our employees well as they steward VirtualScopics into
a successful and profitable future."

Eric Converse, 47, has been associated with Nedamco Capital, a privately-held
international investment firm since 2002. During his tenure, he has held
multiple board and executive management seats on behalf of the firm, including
serving as CEO of Oblicore (Waltham, MA), where he led the sale of that firm
to CA Technologies.  Earlier in his career, Mr. Converse was CEO of
Oneswoop.com (London, UK), which was acquired by Norwich Union Consumer
Products, now Aviva. 

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.

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 initiatives on
new contract awards, client satisfaction and financial improvements, the
establishment, composition and expected benefits of a Scientific Advisory
Board 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.

Contact:
Nicole Schoenberg
FleishmanHillard
212-453-2445
nicole.schoenberg@fleishman.com

 

SOURCE VirtualScopics, Inc.

Website: http://www.virtualscopics.com
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