ART Advanced Research Technologies Inc.
TSX : ARA

ART Advanced Research Technologies Inc.

March 19, 2007 15:53 ET

ART Advanced Research Technologies Inc. Announces Closing of a Portion of Approximately CA$4.5 Million of its Private Placement

MONTREAL, QUEBEC--(CCNMatthews - March 19, 2007) - 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, announced today that it has closed a first portion of approximately $4.5 million of its previously announced private placement of a total of approximately $5.5 million through the issuance common shares and common share purchase warrants to long-time shareholders, directors and executive officers of ART.

The closing of the remaining portion of the private placement, representing approximately $1,000,000 (of which approximately $30,000 will be issued to insiders of ART), will be subject to shareholder approval in accordance with the rules of the Toronto Stock Exchange. Such shareholder approval will be sought at the next Annual and Special Meeting of Shareholders of ART, to be held on or about May 25, 2007. Further details with respect to such approval will be provided in the Management Proxy Circular relating to such meeting.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an exemption from registration. Any public offering of securities made in the United States will be made by means of a prospectus that may obtained from the issuer or selling securityholder and will contain detailed information about the company and management, as well as financial statements.

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).

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