ART Advanced Research Technologies Announces Repricing Of Private Placement From $0.35 To $0.42

MONTREAL, QUEBEC -- Further to its news release of February 7, 2007, ART Advanced Research Technologies Inc. (“ART”) (TSX: ARA), a Canadian medical device company and a leader in optical molecular imaging products for the healthcare and pharmaceutical industries, reports that it has repriced its previously announced private placement by increasing the price per common share from $0.35 to $0.42 per common share in light of current market conditions, further to discussions with the Toronto Stock Exchange. A fraction of 0.20 of a common share purchase warrant will also be issued to investors for each common share issued. Each warrant will allow, upon being exercised, the acquisition of an additional common share at an exercise price of $0.52, and will be exercisable for a period of three (3) years after the effective date of the subscription agreements - representing a potential additional cash infusion of up to $1.4 million.

Long-time shareholders, directors and executive officers of ART have committed to invest approximately $5.5 million under the repriced private placement. The new price of $0.42 per common share represents a discount of 19.2% on the market price based on the volume weighted average price of the five (5) trading days ending on February 13, 2007, for which the Toronto Stock Exchange (the “TSX”) granted price protection.

ART expects to close a first portion of the private placement, representing a total of $4,569,285, on or about March 19, 2007. The closing of the remaining portion of the private placement, representing approximately $1,000,000 (of which approximately $50,000 will be issued to insiders of ART), will be subject to shareholder approval in accordance with the rules of the TSX. Such shareholder approval will be sought at the next Annual and Special Meeting of Shareholders of ART, to be held on or about May 25, 2007. Further details with respect to such approval will be provided in the Management Proxy Circular relating to such meeting.

ART intends to use the net proceeds of the financing as working capital and to expand its intellectual property position in the field of optical imaging. The common shares and warrants to be issued under the private placement will be subject to a four-month restricted period on resale. This private placement has received conditional TSX approval and is subject to obtaining all necessary regulatory approvals. It is made without any financial intermediary.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an exemption from registration. Any public offering of securities made in the United States will be made by means of a prospectus that may obtained from the issuer or selling securityholder and will contain detailed information about the company and management, as well as financial statements.

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. eXplore Optix™, an optical molecular imaging device designed for monitoring physiological changes in living systems at the preclinical study phases of new drugs, is distributed by GE Healthcare and is used by industry and academic leaders worldwide. SoftScan®, an optical medical imaging device, is designed to improve the diagnosis and treatment of breast cancer. ART is commercializing these products in a global strategic alliance with GE Healthcare, a world leader in mammography and imaging. Finally, the Fenestra™ line of molecular imaging contrast products provide 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 the Management Proxy Circular of ART dated October 24, 2006, available on SEDAR (www.sedar.com) under the profile of “ART Advanced Research Technologies Inc. (old)” (ART’s predecessor issuer).