ART Advanced Research Technologies, Inc. (ART), a molecular imaging products company for the healthcare and pharmaceutical industries, has been awarded $500,000 in repayable funding by the Government of Canada. The funds will use for the commercialization of ART's 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 Montréal region, announced the contribution on behalf of the federal government.
The Government of Canada is proud to lend its support to ART 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 Sébastien 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 Gignac.