Jeff Markin, president and chief executive officer of VirtualScopics, added, “Medical imaging is playing an increasingly important role in determining patient safety and eligibility for clinical protocols, drug efficacy and strategic planning for adaptive trial designs, study endpoints and regulatory approval. Through our close relationship with PPD, we will be able to reach an expanded set of customers with an integrated approach to managing each of these areas.”VirtualScopics uses advanced software applications built upon a proprietary algorithm-based methodology to analyze medical images across multiple modalities including MRI, PET, CT and ultrasound. Through the precise measurement of image-based biomarkers, VirtualScopics delivers highly reproducible data that drug and device developers use to help determine an earlier proof of concept, safety and efficacy. VirtualScopics is working with 12 of the largest 15 pharmaceutical, biotechnology and medical device companies in the world and has more than 100 active projects. PPD’s oncology expertise includes a full range of product development, project management, clinical monitoring, regulatory, data management and statistics, and laboratory services that includes pharmacodynamic (PD) biomarkers and oncology vaccine assay capabilities. PPD currently manages more than 150 hematology/oncology Phase I-IV global trials across all indications and has a strong team of board-certified oncologists with more than 4,000 professionals worldwide experienced in the conduct of oncology studies. About PPD PPD is a leading global contract research organization, celebrating 25 years of providing drug discovery, development and lifecycle management services. Our clients and partners include pharmaceutical, biotechnology, medical device, and academic and government organizations. With offices in 42 countries and more than 10,500 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients and partners accelerate the delivery of safe and effective therapeutics and maximize the returns on their R&D investments. For more information, visit www.ppdi.com. About VirtualScopics VirtualScopics, Inc. is a leading provider of imaging solutions to accelerate drug and medical device development. VirtualScopics has developed a robust software platform for analysis and modeling of both structural and functional 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 of drugs and devices in clinical trial patients, allowing sponsors to make better decisions faster. For more information about VirtualScopics, visit www.virtualscopics.com. Except for historical information, all of the statements, expectations and assumptions contained in this news release, including expectations and assumptions about the strategic alliance between PPD and VirtualScopics, are forward-looking statements that involve a number of risks and uncertainties. Although PPD and VirtualScopics attempt to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: risks associated with and dependence on collaborative relationships; competition within the outsourcing industry; rapid technological advances that make our products and services less competitive; economic conditions and outsourcing trends in the pharmaceutical, biotechnology, medical device, academic and government industry segments; success in sales growth; loss of or delay in large contracts; high cancellation rates; the ability to attract and retain key personnel; risks associated with acquisitions and investments, such as impairments; and the other risk factors set forth from time to time in the SEC filings for PPD or VirtualScopics, copies of which are available free of charge upon request from the PPD investor relations department.
PPD, Inc. (NASDAQ: PPDI) and VirtualScopics, Inc. (NASDAQ: VSCP) today announced a strategic alliance to deliver a comprehensive set of clinical and medical imaging services that will enable biopharmaceutical companies to make faster, more confident decisions on the development of their oncology compounds, creating time and cost efficiencies. The partnership will provide seamless integration of technologies and processes, giving biopharmaceutical companies near real-time, consistent and reliable medical imaging information to expedite their drug development programs. The integration of services between the two companies will establish a more efficient, tailored approach across several key areas of the clinical trial process, including study startup, screening and enrollment, accurate determination of endpoints for radiographic response and progression, management of imaging data and proactive risk management. “VirtualScopics’ advanced technology and data-driven image analysis builds on PPD’s strong clinical development offerings, and this alliance demonstrates our commitment to leveraging partnerships that bring technological innovation to our clients,” said Mike Wilkinson, executive vice president and chief information officer of PPD. The alliance with VirtualScopics will enhance PPD’s ability to provide clients with the full service, integrated solutions needed to progress drug development from early phase to regulatory approval through an innovative, patented algorithm-based approach to image processing and biomarker measurement. In return, PPD’s strong operational and medical expertise and global footprint offer VirtualScopics an opportunity to integrate medical imaging and clinical services and grow its strong customer base. “As a global leader in Phase I-IV oncology research and development, we understand the importance of medical imaging technologies to our clients in advancing their drug development programs,” said David Grange, chief executive officer of PPD. “This partnership expands our ability to deliver the most innovative, highest quality full development services in oncology, and we are pleased to partner with VirtualScopics, which has an exemplary reputation in this area.”