VirtualScopics (Rochester, New York), a provider of quantitative imaging for clinical trials, said that its backlog currently exceeds $20 million compared to $9.3 million at the same time a year ago, a greater than 100% increase. The company calculates backlog as the amount remaining to be recognized from active contracts and awards. Included in the backlog is approximately $11 million in 2008 project awards, and expansions to current studies, which compares to approximately $5.7 million for the same period in 2007.
"We are ... pleased that our project backlog has exceeded $20 million for the first time in our history. This is a tremendous achievement for the company," said President/CEO Jeff Markin. "Our growth in backlog coupled with a greater than 90% year over year increase in new contract awards are the best indicators of the acceptance and demand in the marketplace for our services."