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.
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