ART Advanced Research Technologies posted a decrease in revenues and an increase in net losses for its fiscal 2007 third quarter (end-Sept. 30).
For the quarter, the Montreal-based company reported revenues of $268,000 (U. S.) compared to $823,000 for the third quarter of 2006.
ART booked a net loss for the third quarter of $2.2 million compared to $3.3 million for the same period last year.
On Nov. 13 the company signed an underwriting and agency agreement with a syndicate of underwriters and filed a final prospectus with securities regulatory authorities for a total offering of up to $5.1 million at a price of $0.16 per common share which would result in the issuance of a total of up to 31.25 million common shares.
ART anticipates the offering to close on Nov. 27.