NUCRYST Announces Share Repurchase Program

    WAKEFIELD, MA, Aug. 12 /CNW/ - NUCRYST Pharmaceuticals, a developer and
manufacturer of medical products that fight infection and inflammation, today
announced that its Board of Directors has authorized a program for the company
to repurchase up to 900,000 shares of its outstanding common stock for an
amount not to exceed $1.3 million using the facilities of NASDAQ.
    "We believe that the strength of the company, as well as the value of our
people, our proprietary nanocrystalline platform technology, and our market
opportunities are not reflected in the current stock price," said Thomas E.
Gardner, Chairman and Chief Executive Officer of NUCRYST. "This share
repurchase program demonstrates our confidence in our strategy and our
commitment to enhancing shareholder value. Furthermore, our strong balance
sheet provides us with sufficient financial resources to strategically invest
in our business to drive long-term growth, pursue strategic acquisitions and
engage in this share repurchase plan."
    Under the stock repurchase program, the company may selectively
repurchase its stock from time to time on the open market, in privately
negotiated transactions or otherwise, at times and in amounts as the company
deems appropriate. The Company has no obligation to repurchase shares under
the authorization, and nothing in this release constitutes a guarantee or
promise or commitment of any kind that the Company will, in fact, purchase any
shares under its share repurchase program. The timing, actual number and value
of shares which are repurchased will be at the discretion of management and
will depend on various factors, which may include the price of the Company's
common stock, general market conditions, corporate and regulatory
requirements. The repurchase program is authorized through June 30, 2009, and
may be modified or discontinued at any time. The repurchased shares, if any,
will be held in the Company's treasury.

    About NUCRYST Pharmaceuticals

    NUCRYST Pharmaceuticals (NASDAQ:   NCST; TSX: NCS) develops, manufactures
and commercializes medical products that fight infection and inflammation
using SILCRYST(TM), its patented atomically disordered nanocrystalline silver
technology. NUCRYST licensed world-wide rights for SILCRYST(TM) wound care
coating products to Smith & Nephew plc, which markets these products in over
30 countries under their Acticoat(TM) trademark. NUCRYST is also developing
pharmaceutical products to address medical conditions that are characterized
by pain, infection and inflammation. The Company has developed its proprietary
nanocrystalline silver in a powder form, referred to as NPI 32101 for use in
medical devices and as an active pharmaceutical ingredient.

    Acticoat(TM) is a trademark of Smith & Nephew plc
    SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.

    This news release contains forward-looking statements within the meaning
of securities legislation in the United States and Canada (collectively
"forward-looking statements"). The words "believes", "expects", "plans",
"anticipates", "estimates", "intends", "projects", "may", "might", "would",
"will", "could", "should" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. Forward-looking statements in this news
release include, but are not limited to, statements about: our strategy,
future operations, prospects and plans of management and our ability to
successfully expand the company's business. With respect to the
forward-looking statements contained in this news release, readers are
cautioned that numerous risks, uncertainties and other factors could cause our
actual results to differ materially from those indicated in these statements
including, but not limited to :the performance of stock markets generally; our
future operation results are uncertain and likely to fluctuate; our ability to
maintain our collaboration with Smith & Nephew; our reliance on sales of
Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; future
financial performance and operating performance of Smith & Nephew; we may not
be able to retain existing and obtain new regulatory approvals for any future
products; continued development and market acceptance of new products; the
impact of competitive products and pricing; we may not be able to establish
successful commercialization programs, through new corporate collaborations or
otherwise; changes in currency exchange rates; our ability to protect our
intellectual property rights and to not infringe on the intellectual property
rights of others. Although we have attempted to identify the important risks,
uncertainties and other factors that could cause actual results or events to
differ materially from those expressed or implied in forward-looking
statements, there may be other factors that cause actual results or events to
differ from those expressed or implied in forward looking statements. For a
more thorough discussion of the risks associated with our business, see the
"Risk Factors" section in our Annual Report on Form 10-K for the year ended
December 31, 2007 and in our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2008, filed with the U.S. Securities and Exchange Commission on
EDGAR at and with securities authorities in Canada on SEDAR at All forward-looking statements are expressly qualified in their
entirety by this cautionary statement and NUCRYST disclaims any intention or
obligation to revise or update any forward-looking statements whether as a
result of new information, future developments or otherwise after the date

    %SEDAR: 00023031E

For further information:

For further information: David B. Holtz, Vice President and Chief
Financial Officer, NUCRYST Pharmaceuticals, (781) 224-1444,;
Gregory W. Gin, Lazar Partners, (212) 867-1762

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