VirtualScopics Instates New CFO

Rochester, N.Y.-based VirtualScopics Inc. has appointed James Groff its new chief financial officer. He has held the role of acting chief financial officer since August last year. Groff joined VirtualScopics in January 2006 as an accounting manager and was promoted to controller in February 2013.

“When the board of VirtualScopics asked Jim to assume the role of acting chief financial officer a year ago, he willingly and decisively took on the added accounting and reporting responsibilities required of a publicly traded company,” said Chairman Charles E. Phelps, Ph.D. “He quickly demonstrated his knowledge and abilities, leading us to terminate an executive search for a new chief financial officer at the end of last year.”

“I have enjoyed working with Jim in his interim role during the past 10 months,” said President/CEO Eric. T. Converse, “and appreciate the many contributions he has made to the senior management team effort since I assumed leadership of the company. Jim has a deep understanding of VirtualScopics’ business and is leading our current efforts to better understand the life cycles of our backlog to improve our ability to better forecast future revenues and profitability.”

Groff has more than 20 years of managerial accounting experience in manufacturing, banking and business service disciplines. He received a B.S. degree in accounting from the College at Brockport, the State University of New York.

“I have never been more confident in the leadership of VirtualScopics, nor in the direction the company is pursuing,” said Groff. “Our 2014 awards outstanding and bookings represent 115 percent of the 2013 full year numbers with over a third of the year left to go. Our recently announced strategic alliance with IXICO plc provides a multitude of opportunities and benefits that we are only beginning to realize. I appreciate the support of the company’s board of directors and am proud to be a part of this company’s senior management team.”

VirtualScopics Inc. recently opened a joint office outside Philadelphia, Pa., with London, United Kingdom-based disease diagnostics and clinical trials technology company IXICO plc. The Bucks County office will sit within the New Jersey/Pennsylvania pharmaceutical company corridor, where they both have numerous clients. Also under the joint agreement, the two companies are merging some of their business development and operations. It gives VirtualScopics, through IXICO, a European presence and greater expertise in neurology.

VirtualScopics makes clinical trial imaging solutions to accelerate drug and medical device development.