Canada's Advanced Research plans follow-on offering in United States

By Ronda Fears

Memphis, April 24 - Advanced Research Tech Inc. filed a registration statement Monday to sell stock in the United States via underwriters Salman Partners Inc., Canaccord Capital Corp. and Westwind Partners Inc.

Saint-Laurent, Quebec-based Advanced Research intends to use proceeds for the sale and distribution of its products and for the development of new products, including biomarkers, with the balance for working capital and general corporate purposes.

In other news Monday, Advanced Research announced that The Robert and Carol Weissman Cancer Center at Martin Memorial will be one of eight facilities in the United States and Canada to test its SoftScan, a new diagnostic technology to diagnose breast cancer. Three cancer centers in the United States are currently participating in the program, with another facility to be added at a later date.

Advanced Research noted in the filing at the U.S. Securities and Exchange Commission that on April 19 OppenheimerFunds, Inc., a leading institutional shareholder of the company, exercised its right to purchase an additional $2.28 million in series 2 preferred shares, or 2 million preferred shares at $1.14 each. The exercise was made ahead of the expiration of a private placement of preferred shares on July 14, 2005.

The company said it intends to use the Oppenheimer proceeds as working capital and to finance its corporate development.

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