ART Advanced Research Technologies Inc. Announces Closing of US$6 Million Private Placement of Preferred Shares

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 it has closed its previously announced private placement of
preferred shares for total proceeds of US$6.0 million to OppenheimerFunds, Inc.
(investment adviser to and on behalf of certain advisory clients) and other
long-time shareholders of ART. ART has obtained all necessary approvals to close
the private placement, including that of the Toronto Stock Exchange (the "TSX").
ART intends to use the net proceeds of the financing as working capital.


A total of 46,092,428 preferred shares were issued under the private placement
at a price of C$0.13 per preferred share. The preferred shares are 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 are redeemable at the issue price plus the
accrued but unpaid dividends on the preferred shares. Subject to the condition
described below, (i) the preferred shares are convertible at any time into
common shares at a fixed conversion rate of 0.95 common share for each preferred
share, and (ii) the Corporation is entitled to force the conversion of the
preferred shares into common shares at the same conversion rate upon the
occurrence of certain events.


In accordance with the rules of the TSX, the issuance of common shares (i) upon
conversion of 21,213,327 of the 46,092,428 preferred shares issued under the
private placement, and (ii) in payment of any dividend payable on the preferred
shares, will be subject to the prior approval of the disinterested shareholders
of the Corporation. ART intends to seek such approval at its next annual meeting
of shareholders. Further details concerning such approval will be provided in
the Management Proxy Circular relating to such meeting.


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 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 ART's most recent
Annual Information Form and the financial statements for the year ended December
31, 2007, available on SEDAR (www.sedar.com).