Industry News: ART secures financing, soon to change name

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Canadian medical device company ART Advanced Research Technologies announced that it has entered into an agreement with Matco Capital Ltd., a private capital firm, to recapitalize and reorganize the company’s corporate structure, providing ART with total proceeds of $6.6 million before transaction expenses, comprised of a nondilutive financing of $5.85 million. Per the agreement, ART will transfer its existing assets and liabilities to a newly incorporated company dubbed New ART that will continue to carry on the same business currently carried on by ART, the company said.