ART Advanced Research Technologies Inc.
TSX : ARA

ART Advanced Research Technologies Inc.

July 07, 2009 14:30 ET

ART Advanced Research Technologies Receives $500,000 From Government of Canada to Pursue Commercialization Activities in North America

MONTREAL, CANADA--(Marketwire - July 7, 2009) - ART Advanced Research Technologies Inc. ("ART" or the "Company") (TSX:ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, is pleased to report that it has been awarded $500,000 in repayable funding by the Government of Canada for the commercialization of its Optix® MX3 and SoftScan® optical molecular imaging products in North America. The Honourable Christian Paradis, Minister of Public Works and Government Services Canada and Minister responsible for the Montreal region, announced the contribution on behalf of the federal government at a press conference held today at ART's headquarters.

ART's two lead products-SoftScan and Optix-are based on a unique technology that uses light to measure physiological changes in living tissue, indicating the presence of anomalies, tumours, or lesions. In clinical settings, the SoftScan system for breast imaging is demonstrating its importance as a valuable tool for clinicians in the diagnosis and treatment monitoring of breast cancer. Oncologists are able to see rapidly if a course of treatment is working and then adjust or interrupt treatment. ART's other key imaging device, the Optix molecular imaging system, is designed to visualize and characterize molecular events in small animals at the preclinical study phases of new drugs. A pre-commercial launch of the new generation of the system, called Optix MX3, was held last May in Europe.

"The Government of Canada is proud to lend its support to ART, an innovative company that is helping Canada build an advantage in knowledge and research and development. In today's economy, innovation and its commercial applications are powerful engines of growth for small and medium-sized enterprises. That is why our government intends, through Canada's Economic Action Plan, to invest an unprecedented $5.1 billion in the science and technology sector to support projects that will stimulate the economy and create quality jobs," stated the Honourable Christian Paradis, Minister of Public Works and Government Services Canada and Minister responsible for the Montreal region.

"We are delighted by this support from the Government of Canada, which will help us in our efforts to position our products in the highly-competitive North American market and thus strengthen our business here in Canada", said Sebastien Gignac, Chairman and Chief Executive Officer of ART. "Sales growth prospects for our Optix product in North America are particularly favourable at this time as governments have increased funding for scientific research, and this $500,000 contribution from the Government of Canada will allow us to capitalize on the retooling which is now underway in the industry," explained Mr. Gignac.

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. The Optix® optical molecular imaging system, designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is used by industry and academic leaders worldwide. The SoftScan® optical medical imaging device is designed to improve the diagnosis and treatment of breast cancer. Finally, the Fenestra® line of molecular imaging contrast products provides 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 is commercializing some of these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. 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 most recent Annual Information Form and the financial statements for the year ended December 31, 2008, available on SEDAR (www.sedar.com).

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