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Robert Klimasewski is no longer chairman of VirtualScopics Inc., ending a six-year tenure in that role. The medical image analysis company has named board member Mostafa Analoui as his successor.
Analoui, who has served on the board for five years, is head of the health care and life sciences division at the Livingston Group in New York City. He is widely known for his former role as senior director and the Groton/New London site head for global clinical technology at Pfizer Inc.’s global research and development.
While Analoui said he was excited to take on the role, he acknowledged the company’s recent decline in revenue and slow progress in its personalized medicine initiative.
“The board recently created a task force to review and offer recommendations for our business lines, as well as improvements in board governance,” he said. “The board has received and endorsed recommendations from the task force and intends to be actively engaged in the development of the strategic plans and the implementation of these recommendations.”
Analoui expressed his appreciation to outgoing chairman Klimasewski, who will remain on the board.
Prior to becoming chairman of VirtualScopics, Klimasewski, who is widely known for his efforts at growing local firms Transcat Inc. and Burleigh Instruments Inc., served as president and CEO of VirtualScopics. He also played a key role in taking the University of Rochester spinoff public in 2005.
Times have changed since VirtualScopics went public and its shares crossed the $7 mark. Today, the firm has to regain compliance with Nasdaq rules to remain trading on the stock exchange.
Officials said shareholders have authorized a reverse stock split. The split is intended to help the company regain compliance with the minimum $1 bid price per share requirement for listing on Nasdaq.
The company’s shares (NasdaqCM: VSCP) Friday afternoon were trading at 50 cents, down nearly 4 percent from Thursday’s close of 52 cents.
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