By The Canadian Press

MONTREAL - Medical device company ART Advanced Research Technologies Inc. (TSX:ARA) said Friday it has signed a deal to be acquired by Dorsky Worldwide Corp. and restructure the company under the Bankruptcy and Insolvency Act.

Under the proposal, the company's unsecured creditors will share in $375,000. The agreement will also see the repayment of certain claims of secured creditors and the cancellation of the company's shares.

The company's unsecured creditors will vote on the proposal on Dec. 7.

Last month, ART downsized its workforce to cut operating costs and said it was exploring strategic options.