VirtualScopics, Inc. (VSCP), the country’s forefront leader and developer of image-based biomarker solutions for the pharmaceutical, biotechnology and medical industries, announced that the company’s year to date contracted agreements total $8.4 million. This significant increase does not even include an additional $4.6 million in awarded agreements still awaiting signature.

Specifically, these agreements include clients from the top 15 pharmaceutical, biotechnology and medical device companies. VirtualScopics has signed 47 new contracts, with 39 additional contracts still awaiting signature and final approval. Furthermore, of the newly signed and awarded contracts, 24% are Phase III studies, 65% are Phase I/II studies and 11% are research studies.

Rosemary Shull, Director of Business Development, stated, “Our sales pipeline and customer base continues to expand, as evidenced by the growth in the demand for our services this year. We are very pleased that we have secured our first phase III trial as we believe this is confirmation of our customers’ confidence in both our science and operational capabilities. In the coming months, we anticipate the formal signing of the studies awarded but not yet signed.”

“We believe that we are well on the way to achieving a 50% increase in new contract bookings over the $8.5M in new contracts we signed in 2006,” said Jeff Markin, president and CEO of VirtualScopics. “We are moving forward with further investments in our sales and marketing team which we expect will help further accelerate our growth.”

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