ART cuts losses by more than half in Q2

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Advanced Research Technologies (ART), a medical device developer of optical molecular imaging products, has released its financial results for the second quarter, which ended June 30.

ART said it incurred a net loss for the three-month period of $1.1 million, compared to $3.2 million for the three-month period, which ended June 30, 2007. Selling, general, and administrative expenses for the three-month period totaled $1.47 million, compared to $1.5 million for the same period last year.

The Montreal-based ART reported revenues of $1.2 million for the three-month period, compared to $42,000 for the same quarter a year ago. The company attributes its increase in product sales in 2008 to a transition to a direct distribution model.

In the second quarter, ART also closed a private placement of $1.1 million in preferred shares.