NUCRYST Pharmaceuticals announces 2007 third quarter results

    WAKEFIELD, MA, Nov. 7 /CNW/ - NUCRYST Pharmaceuticals Corp. today
announced for the quarter ended September 30, 2007, it recorded a net loss of
$2.3 million, or 13 cents per share on revenues of $7.5 million, compared to a
net loss of $2.1 million, or 12 cents per share on revenues of $7.3 million
recorded in the same period last year. Revenue in the third quarter 2007
includes a $5 million milestone that was partially offset by the recognition
in the quarter of $3.4 million of a $4.5 million manufacturing cost rebate
paid to Smith & Nephew.
    At September 30, 2007, NUCRYST had $20.4 million in cash and short term
investments. Further financial information follows at the end of the release.
    "With our new agreements in place with Smith & Nephew plc, NUCRYST
intends to focus on supporting the continued growth of the Acticoat(TM) brand
and the pursuit of other opportunities for our nanocrystalline silver based
products," said Thomas E. Gardner, Chairman, President & CEO, NUCRYST
Pharmaceuticals .

    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 third quarter results can be
found in our 10-Q filing which will be available at and NUCRYST filings are also available at

    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", "focus", "pursuit" 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 supporting the continued growth of the
Acticoat(TM) brand and prospects and plans for the development of future
products containing our nanocrystalline silver. 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; 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 clearance for our NPI 32101 barrier
cream and any future products; our ability to achieve cost savings sufficient
to substantially or completely offset the manufacturing cost rebate we have
agreed to pay Smith & Nephew; the impact of the introduction of new silver
based products by Smith & Nephew on its future sales of Acticoat(TM) 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 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.

    Financial Highlights
    (thousands of U.S. dollars except share and per share data)

    ----------------------- ------------------------ ------------------------
                                Three Months Ended        Nine Months Ended
    Condensed Consolidated         September 30              September 30
    Statements of           ------------------------ ------------------------
    Operations                   2007         2006         2007         2006
    ----------------------- ------------------------ ------------------------

    Revenue               $     7,525  $     7,309  $    18,857  $    19,830
    Loss from operations       (1,296)      (2,380)      (4,783)      (8,028)
    Net loss                   (2,349)      (2,128)      (7,209)      (8,899)
    Net loss per common
      - basic and diluted       (0.13)       (0.12)       (0.39)       (0.50)
    Weighted average
     number of common
     shares outstanding
      - basic              18,340,647   18,283,567   18,323,788   17,850,787
      - diluted            18,340,647   18,283,567   18,323,788   17,850,787

    ----------------------------    -----------------------------------------
    Condensed Consolidated                         September 30  December 31
     Balance Sheets                                        2007         2006
    ----------------------------    -----------------------------------------
    Cash and cash equivalents                       $    20,429  $    18,926
    Current assets                                       38,627       33,591
    Total assets                                         51,867       45,892
    Current liabilities                                   8,451        2,306
    Non-current liabilities                                 747            -
    Shareholders' equity                                 42,669       43,586

    ----------------------- ------------------------ ------------------------
                                 Three Months Ended         Nine Months Ended
    Condensed Consolidated          September 30               September 30
    Statements of           ------------------------ ------------------------
    Operations                   2007         2006         2007         2006
    ----------------------- ------------------------ ------------------------
    Wound care product
     revenue               $    5,900   $    7,309   $   17,232   $   19,830
    Manufacturing cost
     rebate                    (3,375)           -       (3,375)           -
    Milestone revenue           5,000            -        5,000            -
                            ------------------------ ------------------------

    Total revenue          $    7,525   $    7,309   $   18,857   $   19,830

    Manufacturing costs    $    3,841   $    4,985   $   10,975   $   13,303

    Gross margin
     excluding milestone
     revenue               $   (1,316)  $    2,324   $    2,882   $    6,527

    Gross margin percent
     excluding milestone
     revenue                    -52.1%        31.8%        20.8%        32.9%

    %SEDAR: 00023031E

For further information:

For further information: Catherine Cloft, Investor Relations, NUCRYST
Pharmaceuticals Corp., (781) 224-1444,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890