ART buys Alerion Biomedical Inc.

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Canadian company ART Advanced Research Technologies Inc. (ART) has announced plans to buy all of the imaging technology and product assets of Alerion Biomedical Inc., a US-based developer and manufacturer of biomarkers and contrast media for preclinical and clinical imaging devices, according to a release.

"We are delighted with this acquisition, which represents a highly strategic, value-added transaction for ART," said Micheline Bouchard, ART president and CEO. "In addition to producing preclinical and clinical imaging devices, ART will now have the capability to develop and supply biomarker and imaging agents for the preclinical and clinical markets, thus creating a new recurring revenue platform for the Company." "According to recent industry reports, the total biomarker and radiopharmaceutical sector represents a global market in excess of $5.0 billion," Bouchard added.

Alerion Biomedical Inc. products, the core of which is the Fenestra line, has application or potential application in multiple imaging modalities including CT, Optical and MRI. An advantage inherent to the Fenestra biomarker technology is that it enhances imaging on a user-friendly and non-radioactive basis, which makes it more cost effective in that it permits multiple scans on the same specimens over long periods of time, according to the companies.

The Alerion Biomedical biomarker technology acquired by ART has potential applications for both the preclinical and clinical markets.

The transaction is expected to close within a few days and is subject to TSX approval. The terms are not disclosed.