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.
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