NUCRYST Receives Deficiency Notice from NASDAQ

    WAKEFIELD, MA, Aug. 15 /CNW/ - NUCRYST Pharmaceuticals, a developer and
manufacturer of medical products that fight infection and inflammation, today
announced that on August 14, 2008, it received notice from The Nasdaq Stock
Market stating that, for the last 30 consecutive trading days, the Company's
common shares had not maintained the minimum market value of publicly held
shares ("MVPHS") of $5 million required for continued listing on The Nasdaq
Global Market under Marketplace Rule 4450(a)(2) (the "Rule"). Receipt of this
notice has no immediate effect on the listing of the Company's common shares.
The Company has 90 calendar days, or until November 12, 2008, to regain
compliance with the Rule.
    The notice states that if at any time before November 12, 2008, the MVPHS
of NUCRYST's common shares is $5 million or more for a minimum of 10
consecutive trading days, Nasdaq will provide written notification that the
Company complies with the Rule. If the Company cannot demonstrate compliance
with that Rule by November 12, 2008, Nasdaq staff will notify the Company that
its securities will be delisted from The Nasdaq Global Market. If the Company
receives a delisting notice, the Nasdaq Marketplace Rules would permit the
Company to appeal the Nasdaq staff's determination to delist its securities to
a Nasdaq Listing Qualifications Panel.
    NUCRYST is currently evaluating its alternatives to resolve the listing
deficiency. If the Company is unable to resolve the listing deficiency, it may
apply to transfer its common shares to The Nasdaq Capital Market. In order to
transfer, the Company must satisfy the continued inclusion requirements for
that market which the Company believes it currently does. If the Company
submits a transfer application by November 12, 2008, the initiation of the
delisting proceedings will be stayed pending the Nasdaq staff's review of the

    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: the future plans of
our management in relation to resolving our exchange listing deficiency. 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 risks associated with: the
performance of stock markets generally; our ability to satisfy regulatory and
stock exchange standards and requirements to maintain our exchange listing;
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; the impact of competitive products and pricing on sales of
Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; our
ability to retain existing and obtain new regulatory approvals for any future
products; the extent to which we are able to develop and gain market
acceptance of new products; and our ability to establish successful
commercialization programs, through new corporate collaborations or otherwise.
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 hereof.

    %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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