ROCHESTER, N.Y., Dec. 24 VirtualScopics, Inc.(Nasdaq: VSCP) today announced that The Nasdaq Stock Market has informed theCompany that it has extended the temporary suspension of the $1.00 minimum bidprice requirement until April 20, 2009. As a result of the rule suspension byNasdaq, VirtualScopics now has until August 10, 2009 to regain compliance withthe minimum $1.00 share bid price requirement instead of the previouslyreported date of May 11, 2009.
The Company received stockholder approval to effectuate a reverse stocksplit, through May 9, 2009, in the event that the minimum bid price has notbeen achieved. Because of the further deferral by Nasdaq, the Company'sintention is to request an extension from its stockholders to take advantageof the additional time allowed by Nasdaq to regain compliance.
About VirtualScopics, Inc.
VirtualScopics, Inc. is a leading provider of imaging solutions toaccelerate drug and medical device development. VirtualScopics has developeda robust software platform for analysis and modeling of both structural andfunctional medical images. In combination with VirtualScopics' industry-leading experience and expertise in advanced imaging biomarker measurement,this platform provides a uniquely clear window into the biological activity ofdrugs and devices in clinical trial patients, allowing sponsors to make betterdecisions faster. For more information about VirtualScopics, visitwww.virtualscopics.com.
The statements contained in this press release that are not purelyhistorical are forward-looking statements within the meaning of Section 27A ofthe Securities Act of 1933, as amended and Section 21E of the SecuritiesExchange Act of 1934, as amended, and are intended to be covered by the safeharbors created thereby. These forward-looking statements include, but are notlimited to, statements regarding the expected benefits of the Company'sinvestment in infrastructure and new customer contract signings and awards in2008 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-lookingstatements deal with the Company's current plans, intentions, beliefs andexpectations. Investors are cautioned that all forward-looking statementsinvolve risks and uncertainties that could cause actual results to differmaterially from those in the forward-looking statements. Many of these risksand uncertainties are discussed in the Company's Annual Report on Form 10-KSBfor the fiscal year ended December 31, 2007 filed with the Securities andExchange Commission (the "SEC"), and in any subsequent reports filed with theSEC, all of which are available at the SEC's website at www.sec.gov.CONTACT: Company Contact: Molly Henderson Chief Business and Financial Officer 500 Linden Oaks Rochester, New York 14625 (585)249.6231
SOURCE VirtualScopics, Inc.