ROCHESTER, N.Y., July 23, 2014 /PRNewswire/ -- The Board of
Directors of VirtualScopics, Inc. (NASDAQ: VSCP), a leading
provider of clinical trial imaging solutions, announced today that
Eric T. Converse, 48, has been named
president and chief executive officer, effective immediately.
Mr. Converse joined the company's Board of Directors in
August 2013 and has held the
positions of interim president and chief executive officer since
October 25, 2013.
Dr. Charles E. Phelps, Ph.D.,
chairman of the company's Board of Directors, said, "During the
past nine months, Eric has clearly demonstrated his leadership and
team-building skills on a number of fronts and has earned the
respect and cooperation from VirtualScopics' senior management
team, employees, industry thought leaders and customers. His
contributions to the company thus far include: negotiating a global
operational and commercialization alliance with IXICO plc, the
brain health company, based in the United
Kingdom; working closely with VirtualScopics and IXICO
senior management to form a joint Scientific Advisory Board to
benefit both companies; and the recent opening of a joint office in
New Hope, Pennsylvania. The
new office is located in the heart of the big pharma corridor,
providing project management teams from both companies the
opportunity to work more closely with existing and prospective
customers to determine their clinical trial imaging needs."
Dr. Phelps added, "With the assistance of Korn Ferry, International, the Board of
Directors conducted an extensive search that brought forward
numerous candidates with strong skills and backgrounds, a number of
whom eagerly sought the CEO position at VirtualScopics. In
the Board's judgment, the leadership demonstrated by Eric during
his term as interim CEO made it clear that he was the best choice
to take the Company forward."
Mr. Converse added, "I am very pleased to be working with this
team. Our focus on our employees and infrastructure
investments has shown early results with increases in customer wins
that will ultimately lead to improved shareholder value. As I
strongly believe a good team will yield good results, I am
extremely excited to continue with this great team and deliver even
greater results." Converse continued, "The first six months of 2014
represents the company's best start in terms of bookings and awards
outstanding in the history of the company, a testament to the
strong commitment and dedication of the entire VirtualScopics
team. We are all excited about our recent alliance with IXICO
and the many benefits of this relationship that are already coming
to fruition."
Mr. Converse has more than 20 years of hands-on management
experience working with early-stage companies across a wide range
of industries. He received his bachelor's degree from
Michigan State University and attended
Erasmus University in Rotterdam, The Netherlands.
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 they can
offer, VirtualScopics' clinical trial imaging solutions deliver
special performance advantages compared to other image service
providers that offer common, everyday clinical trial imaging
services. For more information on 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 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, the strategic alliance with IXICO 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,
2013 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 contract 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.
For More Information, Contact:
Donna N. Stein, APR, Fellow PRSA
Managing Partner
Donna Stein & Partners
315-361-4672
Email: dstein1@twcny.rr.com
SOURCE VirtualScopics, Inc.