ROCHESTER, N.Y., Jan. 22, 2016 /PRNewswire/ -- VirtualScopics,
Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging
solutions, today announced that it is amending its alliance
agreement with PPD, a contract research organization (CRO), to
eliminate the marketing exclusivity portion of the agreement,
effective April 11, 2016. The agreement originally signed
in 2010, which focused on oncology trials and was later expanded to
include other therapeutic areas, restricted VirtualScopics and PPD
from co-marketing with each other's competitors. Under the
amended agreement, VirtualScopics and PPD will no longer be
restricted by exclusive co-marketing. Going forward, they will
continue to collaborate on joint imaging projects already underway,
as well as those in the current backlog. In addition, they will
continue to work together to win new business for their
alliance.
"We developed a great working relationship with PPD and look
forward to continuing to win more business with them," said
Eric T. Converse, president and
chief executive officer of VirtualScopics. "We now have the
opportunity to co-market an imaging solution with many of the CROs
with which we currently work. I'm proud to say that our emphasis on
operational excellence has rewarded us with several new and
expanding CRO relationships that will result in new business wins
in 2016 and beyond."
About VirtualScopics, Inc.
VirtualScopics, Inc.
(NASDAQ: VSCP) is a leading provider of clinical trial imaging
solutions to accelerate drug and medical device
development. For risk-averse, time-constrained Clinical Trial
Study Teams, Medical Directors and Imaging Scientists who require
quality imaging data delivered on-time, within budget and on a
consistent basis, VirtualScopics' clinical trial imaging solutions
are an inspired true exception to commonly accepted services
provided by other clinical trial imaging providers. Because of the
scientific and operational flexibility and responsiveness
available, VirtualScopics' clinical trial imaging solutions deliver
special performance advantages compared to other image service
providers that offer common, every day clinical trial imaging
services. For more information about VirtualScopics, Inc.,
please 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 the 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
sales and marketing efforts expectations for the startup of future
projects and newly gained business, 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,
2014 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 that contract awards do not turn into
signed contracts. Other risks include the company's dependence on
its largest customers and risk of contract performance, protection
of our intellectual property and the risks of infringement on 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.
For More Information, Contact:
Donna N. Stein, APR, Fellow PRSA
Managing Partner
Donna Stein & Partners
315-361-4672
Email: dstein1@twcny.rr.com
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SOURCE VirtualScopics, Inc.
