ART posts 2007 Q2 loss

By AuntMinnie.com staff writers

August 16, 2007 -- Montreal-based medical device firm ART Advanced Research Technologies announced its second quarter 2007 (end-June 30) results, posting a loss due to lower revenues while highlighting a new marketing approach for its fluorescence optical imaging system eXplore Optix.

For the quarter, revenues were $41,951, compared to $828,673 for the same period in 2006. During this quarter, ART sold only Fenestra products; there were no eXplore Optix units sold during that period. The company is developing a new sales distribution model for eXplore Optix with GE Healthcare.

Net loss for the second quarter was $3,170,391, compared to $3,643,064 for the same period in 2006. The company's cash position is $4.3 million, with working capital of about $5 million.

In clinical news, ART presented the preliminary results of a pilot study being conducted at Sunnybrook Health Sciences Centre in Toronto, showing that SoftScan could be effective at showing earlier evidence of therapeutic response to breast cancer treatment. The company has also signed an agreement with Stanford University to conduct clinical research on SoftScan's effectiveness.

By AuntMinnie.com staff writers
August 16, 2007

Montreal facility to evaluate ART's SoftScan, July 13, 2007

ART debuts new optical molecular imaging unit, May 17, 2007

ART's revenues slip in 2006, March 26, 2007

ART lands CE Mark, February 8, 2007

ART, GE extend eXplore Optix pact, December 22, 2006

ART gets Health Canada approval for SoftScan, December 14, 2006

Copyright © 2007 AuntMinnie.com

 

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