NUCRYST appoints interim CEO

    PRINCETON, NJ, Jan. 19 /CNW/ - The Board of Directors of NUCRYST
Pharmaceuticals Corp. today announced the appointment of David B. Holtz as
interim President and Chief Executive Officer of the Company and Neil
Carragher as Chairman, effective immediately. Mr. Holtz replaces Thomas E.
Gardner, who was Chairman, President and Chief Executive Officer. Mr.
Carragher, currently lead director of NUCRYST, will assume the role of
Chairman, effective immediately. Mr. Holtz will also remain as CFO.
    Previously, Mr. Holtz was Vice President and Chief Financial Officer of
    "David's experience and skills will be beneficial to NUCRYST as
management focuses all efforts on bringing the company to profitability," said
Mr. Carragher. "We thank Tom Gardner for his many contributions to the company
and for his dedicated service."
    Before joining NUCRYST, Mr. Holtz served as a financial management
consultant for various start-up companies, including Virium Pharmaceuticals,
Inc. Previously he worked in managerial roles of increasing importance at
Integra LifeSciences Holdings Corporation from October 1993 through December
2006, most recently as Senior Vice President Finance. While at Integra, Mr.
Holtz oversaw Integra's European operations to support the transition of
acquisitions in Europe and managed all worldwide financial reporting and
accounting functions. Prior to Integra, he worked for Coopers & Lybrand LLP
and Cono Leasing Corporation. Mr. Holtz received a B.S. in Business
Administration with an emphasis on finance from Susquehanna University.

    NUCRYST Pharmaceuticals Corp. (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"). Forward-looking statements in this news release
include, but are not limited to, statements about bringing the company to
profitability. 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: Westaim's
stated intention to review its alternatives for maximizing the value of its
stake in NUCRYST, the identification and pursuit of new opportunities to grow
the value of NUCRYST; performance of stock markets generally; our ability to
satisfy regulatory and stock exchange standards and requirements to maintain
our exchange listing; 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; and the future financial performance and operating performance
of Smith & Nephew. 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 September 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 hereof.

    %SEDAR: 00023031E

For further information:

For further information: David Wills, Investor Relations, (416)

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