ART Advanced Research Technologies Inc.
TSX : ARA

ART Advanced Research Technologies Inc.

December 22, 2006 11:26 ET

ART Advanced Research Technologies Announces Extension of Current eXplore Optix Distribution Agreement with GE Healthcare

MONTREAL, CANADA--(CCNMatthews - Dec. 22, 2006) - ART Advanced Research Technologies Inc. ("ART") (TSX:ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, today announced the extension of its current agreement with GE Healthcare ("GEHC" or "GE") for the exclusive worldwide distribution of its eXplore Optix™ preclinical optical molecular imaging system.

The existing 3-year agreement, executed in 2003, was set to expire on December 31, 2006. The extension of the current distribution agreement will allow ART and GEHC to maintain the ongoing sales, marketing and customer support operations for eXplore Optix while the parties workout a new multi-year agreement. Discussions have been ongoing between ART and GEHC over the last few months with respect to the conclusion of a new distribution agreement that will aim to establish the conditions for the effective commercialization of ART's eXplore Optix product.

In November 2003, ART signed a definitive agreement with GEHC under which terms GE became the exclusive worldwide distributor of the eXplore Optix preclinical molecular imaging system. ART retained all manufacturing and sourcing responsibilities, while GE became responsible for sales, distribution, marketing, and customer service worldwide.

About ART

ART Advanced Research Technologies Inc. is a leader in molecular imaging products for the healthcare and pharmaceutical industries. ART has developed products in medical imaging, medical diagnostics, disease research, and drug discovery with the goal of bringing new and better treatments to patients faster. eXplore Optix™, an optical molecular imaging device designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is distributed by GE Healthcare and is used by industry and academic leaders worldwide. SoftScan®, an optical medical imaging device, is designed to improve the diagnosis and treatment of breast cancer. ART is commercializing these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. Finally, the Fenestra™ line of molecular imaging contrast products provide image enhancement for a wide range of preclinical Micro CT applications allowing scientists to see greater detail in their imaging studies, with potential extension into other major imaging modalities. ART's shares are listed on the TSX under the ticker symbol ARA. For more information on ART, visit our website at www.art.ca .

This press release may contain forward-looking statements subject to risks and uncertainties that would cause actual events to differ materially from expectations. These risks and uncertainties are described in the Management Proxy Circular of ART dated October 24, 2006, available on SEDAR (www.sedar.com) under the profile of "ART Advanced Research Technologies Inc. (old)" (ART's predecessor issuer).

Contact Information

  • ART ADVANCED RESEARCH TECHNOLOGIES INC.
    Jacques Bedard
    Chief Financial Officer
    514-832-0777
    jbedard@art.ca
    or
    ART ADVANCED RESEARCH TECHNOLOGIES INC.
    Pierre Couture
    Vice President, Sales & Marketing
    514-832-0777
    pcouture@art.ca
    www.art.ca