VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today announced that they have signed a multi-year software licence and support agreement with existing alliance partner, IXICO plc (Ticker: IXI) ("IXICO" or the "Company"), the brain health company, for their proprietary imaging data and query management digital platform, TrialTracker™.
Under the terms of the agreement, VirtualScopics will pay IXICO to implement and support the use of TrialTracker™ in its clinical trial business both as part of and separate to the Alliance. Financial terms were not disclosed. The parties have been working together over the last few months to deploy the TrialTracker™ digital platform which has now been validated by VirtualScopics.
VirtualScopics is also pleased to report that the alliance with IXICO has been awarded its first joint project by a global top 15 pharmaceutical company. For this project, which is due to commence shortly, the Alliance will provide image analysis services for a phase II oncology clinical trial using TrialTracker™. In this instance, VirtualScopics will be the primary service provider and IXICO will provide clinical site support services from its London headquarters.
In June 2014, VirtualScopics and IXICO announced the signing of an alliance framework agreement with a vision to provide the clinical trials industry with global operational capabilities for a full range of therapeutic areas and modality expertise. In the same month, the two companies jointly opened an operations and business development office in New Hope, Pennsylvania,, to allow optimal collaboration within the alliance.
Eric Converse, president and CEO of VirtualScopics said:
"I am excited about the implementation of the TrialTracker system as it is expected to increase efficiencies in our organization and further strengthen our relationship with IXICO in the future. We also plan to use the software for our first joint win for the Alliance, along with other projects previously won by VirtualScopics."
Derek Hill, CEO of IXICO said:
"We are delighted that our alliance colleagues at VirtualScopics have implemented and validated our TrialTracker™ platform and that the Alliance has been awarded its first joint contract from a leading global pharmaceutical company. We are already seeing the benefits of working with VirtualScopics as our combined expertise means we can bid for a broad range of global clinical trials."
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