No. Neither of the reasons you give. Whilst indeed we are supposedly smarter, intellect is no means of determing the worth of a creature.
Unless a person volunteers to be tested upon, then animals will need to used. It is a necessary evil in today's society. However, the positive effects it has brought outnumber the negative. The treatment of rabies and of anthrax poisoning, the treatment of arthritis, whooping cough (which I myself had), leprosy, diptheria, rubelle and measles can all be attributed to animal testing. The number of lives made better by treatments for these is surely a good reason to continue animal testing.
And one last thing we are animals you all seem to be distinguishing between humans and animals, humans are animals believe it or not