Continued growth in awards and bookings led to a 14% increase in revenue for clinical trial imaging services provider VirtualScopics in its second quarter.
For the period (end-June 30), the company had revenues of $3 million, up from $2.6 million posted in the second quarter of 2014. VirtualScopics had a second-quarter net loss of $547,000, compared with a net loss of $732,000 a year ago.
In other news, the firm said it has secured a line of credit for up to $2 million with Silicon Valley Bank. The credit line will be used as a nondilutive cash facility for any operating and financial needs, according to the vendor.
