ART Advanced Research Technologies Receives $500,000 From Government of Canada to Pursue Commercialization Activities in North A
July 07 2009 - 2:30PM
Marketwired
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).
Contacts: ART Advanced Research Technologies Inc. Jacques Bedard
Chief Financial Officer 514-832-0777 jbedard@art.ca www.art.ca
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