LONDON and ROCHESTER, New York, June 27, 2014 /PRNewswire/ --
Commercial and Operational Alliance to Provide Clinical Trials Industry With Global Capabilities and a Full Range of Therapeutic Areas and Modality Expertise
IXICO plc (Ticker: IXI) ("IXICO" or the "Company"), the brain health company, and VirtualScopics, Inc. (NASDAQ:VSCP), a leading provider of clinical trial imaging solutions, today said they have signed an Alliance Framework Agreement and Master Subcontractor Agreement previously announced as an agreement in principle on March 7, 2014. This alliance will provide the clinical trials industry with global operational capabilities and a full range of therapeutic areas and modality expertise. The alliance enhances both companies' abilities to deliver world-class services to pharmaceutical, biotech and academic customers and collaborators around the globe.
"We believe that this alliance brings together two highly aligned organizations, each with a strong track record of supplying imaging services and technologies to global pharmaceutical companies," explained Derek Hill, chief executive officer of IXICO. "By combining our resources with those of VirtualScopics we can enhance our ability to deliver on the largest clinical trials world-wide, across a more diverse range of therapeutic areas. Finalizing this agreement marks significant progress in integrating our business development and operational delivery, and in getting our teams to work effectively together."
"This alliance is a strategic initiative from which both companies will reap significant benefits," said Eric Converse, interim chief executive officer of VirtualScopics. "The alliance enables us to access IXICO's focus on neurology and gives us a European presence, something that will enhance our ability to serve global pharmaceutical clients. In addition, the integration of our complementary technologies will allow us to provide more comprehensive and scalable capabilities to our customers."
About IXICO plc
IXICO plc (AIM:IXI), the brain health company, was founded in 2004 with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercial products targeting the expanding area of imaging to inform decision-making during drug development. This has resulted in commercially successful products being launched in the clinical trials (Phase 0-III) and experimental medicine markets and more recently launched into the wider clinical diagnostic market. Since incorporation, IXICO has been awarded contracts by nine of the top 15 global pharmaceutical companies as well as leading biotechnology companies. In October 2013, IXICO plc was admitted to trading on AIM. More information is available at http://www.ixico.com.
About VirtualScopics, Inc.
VirtualScopics, Inc. (NASDAQ:VSCP) is a leading provider of clinical trial imaging solutions to accelerate drug and medical device development. For risk-averse, time-constrained Clinical Trial Study Teams, Medical Directors and Imaging Scientists who require quality imaging data delivered on-time, within budget and on a consistent basis, VirtualScopics' clinical trial imaging solutions are an inspired true exception to commonly accepted services provided by other clinical trial imaging providers. Because of the scientific and operational flexibility and responsiveness they can offer, VirtualScopics' clinical trial imaging solutions deliver special performance advantages compared to other image service providers that offer common, every day clinical trial imaging services. For more information about VirtualScopics, Inc. please visit http://www.virtualscopics.com.
SOURCE IXICO Plc