ROCHESTER, N.Y., Aug. 21, 2014 /PRNewswire/ -- The board of
directors of VirtualScopics, Inc. (NASDAQ:VSCP), a leading provider
of clinical trial imaging solutions, today announced that
James Groff, 44, has been named
chief financial officer, effective immediately. Mr. Groff has
held the role of acting chief financial officer since August
2013. He joined VirtualScopics in January 2006 as an accounting manager and was
promoted to controller in February
2013.
"When the board of VirtualScopics asked Jim to assume the role
of acting chief financial officer a year ago," said Charles E. Phelps, Ph.D., chairman, "he
willingly and decisively took on the added accounting and reporting
responsibilities required of a publicly traded company. He
quickly demonstrated his knowledge and abilities, leading us to
terminate an executive search for a new chief financial officer at
the end of last year."
"I have enjoyed working with Jim in his interim role during the
past 10 months," said Eric. T. Converse, president and chief
executive officer, "and appreciate the many contributions he has
made to the senior management team effort since I assumed
leadership of the company. Jim has a deep understanding of
VirtualScopics' business and is leading our current efforts to
better understand the life cycles of our backlog to improve our
ability to better forecast future revenues and profitability."
Mr. Groff has more than 20 years of managerial accounting
experience in manufacturing, banking and business service
disciplines. He received a B.S. degree in Accounting from the
College at Brockport, The State
University of New York. Mr. Groff is a long time resident of
the Rochester, New York area, and
lives here with his wife and daughter.
"I have never been more confident in the leadership of
VirtualScopics, nor in the direction the company is pursuing," said
Mr. Groff. "Our 2014 awards outstanding and bookings
represent 115% of the 2013 full year numbers with over a third of
the year left to go. Our recently announced strategic
alliance with IXICO plc provides a multitude of opportunities and
benefits that we are only beginning to realize. I appreciate
the support of the company's board of directors and am proud to be
a part of this company's senior management team."
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, new office in New Hope, Pennsylvania, the Scientific
Advisory Board, the strategic alliance with IXICO plc, the increase
in awards outstanding and bookings 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.