NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


ART Advanced Research Technologies Inc. ("ART" or the "Corporation") (TSX:ARA),
a Canadian medical device company and a leader in optical molecular imaging
products for the healthcare and pharmaceutical industries, is pleased to
announce that OppenheimerFunds, Inc. (investment adviser to and on behalf of
certain advisory clients) and other long-time shareholders of ART (collectively
the "Investors") have committed to invest an additional total amount of US$6.0
million by way of a private placement of convertible preferred shares. ART
expects to close the transaction on or about August 15, 2008 and intends to use
the net proceeds of the financing as working capital. This private placement is
subject to obtaining all necessary approvals, including that of the Toronto
Stock Exchange (the "TSX").


The private placement of a total of 46,092,428 preferred shares will be made at
a price of C$0.13 per preferred share. The preferred shares will be entitled to
a cumulative dividend of 7% of the issue price per preferred share, payable as
and when declared by the directors of the Corporation.  At the option of the
Corporation, the preferred shares will be redeemable at the issue price plus the
accrued but unpaid dividends on the preferred shares and will be convertible at
any time into common shares at a fixed conversion rate of 0.95 common share for
each preferred share. The Corporation will also be entitled to force the
conversion of the preferred shares into common shares at the same conversion
rate upon the occurrence of certain events.


This press release is not an offering of securities for sale in the United
States. The preferred shares have not and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an exemption from the registration requirements of
that Act.


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(R) 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(R)
optical medical imaging device is designed to improve the diagnosis and
treatment of breast cancer. Finally, the Fenestra(R) 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'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 ART's most recent
Annual Information Form and the financial statements for the year ended December
31, 2007, available on SEDAR (www.sedar.com).
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