VirtualScopics completes $7 million convertible preferreds sale

By Sheri Kasprzak

New York, Dec. 5 - VirtualScopics, Inc. has concluded a private placement of series A convertible preferred stock for $7 million.

The preferreds are convertible into a total of 2.8 million common shares.

The investors also received warrants for 1.4 million shares.

The full details of the offering could not be determined by press time Monday.

The company has 24,689,071 outstanding common shares, including the shares underlying the preferreds.

Based in Rochester, N.Y., VirtualScopics provides biomarkers used by the health care industry to determine the effectiveness of drugs and devices.

The company's stock remained unchanged at $6.80 Monday.

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