VirtualScopics doubled customer base and revenue in 2005

By Kirsty Barnes

- Last updated on GMT

Related tags Medical imaging Medicine Pharmacology

VirtualScopics reported a breakthrough year in 2005, doubling its
customer base to 26 and reaping in more than $5 m (€4.1 m) worth of
business, an increase from the previous year of over 100 per cent.

The growing company now has contracts with seven of the top 15 global pharmaceutical, biotech and medical device companies, after signing its latest contract with a major pharma company in December, its 14th new customer for 2005.

"2005 represented a year of significant growth for"target="_blank">>VirtualScopics,​ verifying increased acceptance of our value among key customers in pharmaceuticals, biotech, and medical devices,"​ said Bob Klimasewski, president and CEO of VirtualScopics.

"We anticipate follow-on business from these customers with larger contract amounts to fuel our growth in 2006 and beyond,"​ said Klimasewski.

VirtualScopics provides worldwide medical image analysis services for clinical trials to the pharma industry using its proprietary software tools for quantification of image-based biomarkers.

Its services help pharma companies to speed new drugs and medical devices to market by improved image analysis throughput via automation and reduced trial time, in addition to reducing sample size through increased precision and reproducibility, said the company.

The company uses its image analysis tools during the clinical trial process to detect and analyse specific structures in volumetric medical images, as well as characterise minute changes in structures over time.

The firm's software algorithms can assemble hundreds of separate medical images taken during a medical resonance imaging (MRI) session into a single, three-dimensional model, bringing a new and previously unobtainable source of data to clinical researchers.

VirtualScopics also offers other services such as site management, data quality control and regulatory-compliant data management and analysis during the clinical trial process.

In addition, the company provides pre-study services, assisting pharma companies with protocol design, site qualification and training, pilot and performance studies, imaging charter development, and support at Food and Drug Administration (FDA) meetings.

After the completion of the clinical trial, VirtualScopics is also involved in secure data management and archival, statistical analysis and data mining of image data and 3D visualization of results, as well as FDA submission of imaging data.

Related topics Clinical Development

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