ART Advanced Research Technologies Inc., a Montreal-based developer of optical imaging technologies for the detection of disease and the visualization of biological phenomena, and GE Medical Systems, a division of General Electric Company entered into a strategic alliance on November 18, 2002. The value of the deal is undisclosed, however, in connection with the strategic alliance GE invested US$3 million as part of a US$7.5 million round of financing.
Under these arrangements, GE will work with ART, both to develop new optical molecular imaging applications and to market, manufacture and distribute ART’s SoftScan breast cancer detection and imaging system. GE Medical Systems will also begin work on other potential applications for ART’s SoftScan technology. As part of the arrangement, GE Medical Systems has made a minority equity investment in ART.
ART was represented in-house by Nadia Martel, vice-president and general counsel, and by Robert Yalden, Lee Webster and Andrew Scipio del Campo of Osler, Hoskin & Harcourt LLP.
GE was represented by in-house counsel Robert Pothier; by David Tennant of McCarthy Tétrault LLP; and in the U.S., by Robert Fromberg of Gibson, Dunn & Crutcher LLP in New York.