ROCHESTER, N.Y., Sept. 6, 2013 /PRNewswire/
-- VirtualScopics, Inc. (NASDAQ: VSCP), a leading
provider of quantitative imaging, today announced that it has
received notification from The NASDAQ Stock Market that it has
regained compliance with the minimum $1.00 per share bid price requirement, and
further, that it currently complies with all other applicable
standards for continued listing.
To regain compliance with the bid price rule, the Company was
required to evidence a closing bid price of $1.00 per share or more for a period of at least
10 consecutive trading days. The Company effected a reverse
stock split with a ratio of 1-for-10 on August 21, 2013. On September 5, 2013, the closing price of the
Company's common stock was $4.84 per
share which marked the tenth consecutive day the stock price had a
closing bid price above $1.00 per
share. Since the Company has achieved compliance with the bid
price rule, there is no need for the Company to initiate the appeal
process with NASDAQ.
VirtualScopics will continue to trade on the NASDAQ Capital
Market and the previously disclosed delisting proceeding related to
its bid price compliance is now closed.
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 company's ability to maintain compliance
with NASDAQ listing standards 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. 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.
CONTACTS:
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Company
Contact:
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Jeff
Markin
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President and
CEO
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500 Linden
Oaks
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Rochester, New York
14625
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+1 585
249.6231
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SOURCE VirtualScopics, Inc.