ROCHESTER, N.Y., Jan. 17, 2008 (PRIME NEWSWIRE) -- VirtualScopics, Inc. (Nasdaq:VSCP), a leading developer of image-based solutions to the pharmaceutical, biotechnology and medical device industries, today announced the formation of a European sales office in the United Kingdom. Additionally, the company announced the hiring of a Managing Director of Europe to drive the expansion of the company within Europe.
"In 2007, 20 percent of our revenues were derived from customers based in Europe," stated Rosemary Shull, vice president of business development for VirtualScopics. She added, "We are delighted that we were able to respond to our customers' requests to secure a presence in Europe. We believe that this expansion will provide our growing European customer base an even greater level of service."
Jeff Markin, president and chief executive officer of VirtualScopics added, "Based on our rate of European contract signings, we believe the addition of our European sales office will accelerate our participation in the European market. Mr. Markin added, "We believe this demonstrates to the European pharmaceutical community our commitment to their business needs, which in many cases can be different than those in the U.S."
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 investment in infrastructure and new customer contract signings in 2007 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-KSB for the fiscal year ended December 31, 2006 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. 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.