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Markin resigns from VirtualScopics

By THOMAS ADAMS - 10/25/2013 4:02:00 PM

Jeffrey Markin has resigned as president and CEO at VirtualScopics Inc., and board member Eric Converse has been appointed interim CEO, company officials announced Friday.

The board has retained Korn/Ferry International to initiate a search for the next CEO, VirtualScopics chairman Mostafa Analoui said.

The change in management is board’s latest step designed to grow the company, and broaden its offerings and global reach, the company said.

“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,” Analoui said in a statement.

VirtualScopics, based at Linden Oaks, provides imaging products for the development of drug and medical devices.

Analoui, a board member for five years, became chairman in mid-August. The company’s stock underwent a 1-for-10 reverse split on Aug. 21, helping it retain its listing on the Nasdaq exchange.

Shares (Nasdaq: VSCP) were down 9 percent Friday, to near $4.30, in early afternoon trading.

Markin, a former executive at Eastman Kodak Co., joined VirtualScopics in May 2006 as chief operating officer. He was named president and CEO three months later.

Markin resigned to pursue other interests, the company said.

“I have greatly enjoyed my tenure at VirtualScopics and am proud of our accomplishments,” Markin said in a statement. “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.”

Converse, 47, has been associated with Nedamco Capital, a privately held international investment firm.

VirtualScopics reported net income of $134,286 for the quarter ending June 30, compared with a net loss of $62,966 a year ago. Revenues totaled $3.7 million, up from $3.3 million for the year-ago quarter.

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