NUCRYST Pharmaceuticals announces 2007 second quarter results



    WAKEFIELD, MA, Aug. 8 /CNW/ - NUCRYST Pharmaceuticals Corp. today
announced for the quarter ended June 30, 2007, it recorded a net loss of
$3.0 million, or 16 cents per share on revenues of $6.1 million, compared to a
net loss of $3.9 million, or 21 cents per share on revenues of $6.2 million
recorded in the same period last year.
    At June 30, 2007, NUCRYST had $20.2 million in cash and short term
investments. Further financial information follows at the end of the release.
    "NUCRYST continued to advance our product development strategy in the
first half of 2007," said Scott H. Gillis, President & CEO, NUCRYST
Pharmaceuticals. "We continued with our preclinical work for gastroenterology
indications and in July, we reported FDA 510(k) clearance of our NPI 32101
cream. We are currently examining potential commercialization strategies for
the cream to determine the optimal path to market."

    NUCRYST Pharmaceuticals (NASDAQ:   NCST; TSX: NCS) develops, manufactures
and commercializes medical products that fight infection and inflammation
using its patented atomically disordered nanocrystalline silver technology.
Smith & Nephew plc sell a range of advanced wound care products under their
Acticoat(TM) trade mark: Acticoat(TM) products incorporate NUCRYST's
SILCRYST(TM) coatings and are sold in over 30 countries. NUCRYST is also
developing pharmaceutical products to address medical conditions that are
characterized by both infection and inflammation. The company has developed
its proprietary nanocrystalline silver in a powder form for use as an active
pharmaceutical ingredient, referred to as NPI 32101.
    A more detailed discussion of NUCRYST's 2007 second quarter results can
be found in our 10-Q filing which will be available at www.sec.gov/edgar.com
and www.sedar.com. NUCRYST filings are also available at
www.nucryst.com/Regulatory_Filings.htm.

    All figures are in US dollars unless otherwise stated.
    SILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.
    Acticoat(TM) is a trademark of Smith & Nephew plc.

    The financial results in this news release are unaudited and are not a
complete disclosure of our quarterly or annual financial results. 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 "intends", "will", "examining", "potential",
"determine" and "plan" 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: prospects and plans
for the development of future products containing our nanocrystalline silver
for the treatment of gastroenterology indications, plans for our
gastrointestinal program, regulatory approval of our NPI 32101 barrier cream,
and plans and prospects for our barrier cream. 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: difficulties or delays in the initiation,
timing, progress and results of our preclinical trials and research and
development programs relating to the development of products containing our
nanocrystalline silver for treatment of gastroenterology indications; 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 sales of Acticoat(TM) may not be sufficient to adequately fund
our research and development plans; we may not be able to retain existing and
obtain new regulatory approvals for our NPI 32101 barrier cream and any future
products; we may not be able to establish successful commercialization
programs, through new corporate collaborations or otherwise, for our NPI 32101
barrier cream or for other future products; competition from other
silver-based pharmaceutical or medical device companies; our ability to raise
additional financing required to fund further research and development,
clinical studies and obtain regulatory approvals, on commercially acceptable
terms or at all; changes in currency exchange rates; our ability to protect
our intellectual property rights and to not infringe on the intellectual
property rights of others; our ability to comply with governmental regulations
and standards; our ability to successfully attract and retain skilled and
experienced personnel; changes in general economic and capital market
conditions; other risks and uncertainties unidentified at this time;
management's response to these factors; and other factors described under
"Risk Factors" in our Annual Report on Form 10-K for the year ended December
31, 2006, filed with the U.S. Securities and Exchange Commission on EDGAR at
www.sec.gov and with securities authorities in Canada on SEDAR at
www.sedar.com. 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.


    
    NUCRYST PHARMACEUTICALS CORP.
    Financial Highlights
    (unaudited)
    (thousands of U.S. dollars except share and per share data)

    --------------------- ------------------------- -------------------------
    Condensed                         Three Months                Six Months
     Consolidated                    Ended June 30,            Ended June 30,
     Statements           ------------------------- -------------------------
     of Operations               2007         2006         2007         2006
    --------------------- ------------------------- -------------------------
    Revenue               $     6,098  $     6,237  $    11,332  $    12,521
    Loss from operations       (1,642)      (2,729)      (3,487)      (5,648)
    Net loss                   (2,996)      (3,887)      (4,860)      (6,771)
    Net loss per
     common share
      - basic and diluted       (0.16)       (0.21)       (0.27)       (0.38)
    Weighted average
     number of common
     shares outstanding
      - basic              18,318,438   18,247,003   18,315,218   17,630,811
      - diluted            18,318,438   18,247,003   18,315,218   17,630,811



    ----------------------------------------------- -------------------------
                                                        June 30, December 31,
    Condensed Consolidated Balance Sheets                  2007         2006
    ----------------------------------------------- -------------------------
    Cash and short-term investments                 $    20,201  $    18,926
    Current assets                                       32,715       33,591
    Total assets                                         46,364       45,892
    Current liabilities                                   3,164        2,306
    Long Term liabilities                                   725            -
    Shareholders' equity                                 42,475       43,586



    --------------------- ------------------------- -------------------------
                                      Three Months                Six Months
                                     Ended June 30,            Ended June 30,
                          ------------------------- -------------------------
    Other Data                   2007         2006         2007         2006
    --------------------- ------------------------- -------------------------
    Wound care product
     revenue              $     6,098  $     6,237  $    11,332  $    12,521

    Manufacturing costs   $     3,986  $     4,013  $     7,134  $     8,318

    Gross margin          $     2,112  $     2,224  $     4,198  $     4,203

    Gross margin percent
     excluding milestone
     revenue                    34.6%        35.7%        37.0%        33.6%
    

    %SEDAR: 00023031E




For further information:

For further information: Gillian McArdle, Investor Relations, NUCRYST
Pharmaceuticals Corp., (416) 504-8464, info@nucryst.com

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NUCRYST PHARMACEUTICALS CORP.

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