– USA, NY – Mostafa Analoui Ph.D., Chairman of the Board of Directors of VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of quantitative imaging, today announced the appointment of current board member, Eric Converse as Interim CEO. Mr. Converse succeeds Jeff Markin, President and CEO since 2006, who has stepped down to pursue other interests.
Dr. Analoui also announced that the Board has retained Korn/Ferry International, a leading executive recruiting firm, to initiate a search process for the next CEO.
This management change is in line with the latest in a series of recent steps led by Dr. Analoui and VirtualScopics’ Board, to unlock future growth, broaden the company’s offering and expand its global reach. Since taking the Chairman role in August, Dr. Analoui has initiated internal actions designed to accelerate new contract awards while enhancing client satisfaction, continued diligence on expenses to improve profitability, and overseen other measures to improve top and bottom line growth.
The company also intends to establish a world-class Scientific Advisory Board (SAB), which will comprise insight and analysis from Dr. Edward Ashton, VirtualScopics’ Chief Scientific Officer, as well as top scientists and researchers from around the world. The SAB will enable VirtualScopics to continue to maintain its leadership position in delivering innovative technologies that drive value and results for customers and their patients.
“This is certainly a unique transitional period for VirtualScopics, as we believe our innovative technology and continued investment in both research and talent have positioned us quite well to generate value for our customers, shareholders and employees,” said Dr. Analoui. “We want to recognize the significant achievements the company has made under Jeff’s leadership and wish him well in his future endeavors. The Board looks forward to working with Eric to guide the company through this transition and we remain confident in our ability to successfully execute this next stage of VirtualScopics’ growth.”
Mr. Markin said, “I have greatly enjoyed my tenure at VirtualScopics and am proud of our accomplishments. We’ve laid a strong foundation for success as evidenced by growth in revenue, margin, cash and new bookings. I wish Mostafa, the Board, and our employees well as they steward VirtualScopics into a successful and profitable future.”
Eric Converse, 47, has been associated with Nedamco Capital, a privately-held international investment firm since 2002. During his tenure, he has held multiple board and executive management seats on behalf of the firm, including serving as CEO of Oblicore (Waltham, MA), where he led the sale of that firm to CA Technologies. Earlier in his career, Mr. Converse was CEO of Oneswoop.com (London, UK), which was acquired by Norwich Union Consumer Products, now Aviva.
About VirtualScopics, Inc.
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.
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