NUCRYST Receives Nasdaq Deficiency Notice

    WAKEFIELD, MA, Oct. 3 /CNW/ - NUCRYST Pharmaceuticals, a developer and
manufacturer of medical products that fight infection and inflammation, today
announced that on October 2, 2008, it received notice from The Nasdaq Stock
Market that it no longer complies with Nasdaq Marketplace Rule 4450(a)(5)
because, for the previous 30 consecutive business days, the bid price of its
common stock had closed below the $1.00 minimum per share requirement. Receipt
of this notification has no immediate effect on the Nasdaq listing of the
Company's common shares.
    In accordance with Marketplace Rule 4450(e)(2), the Company has until
March 31, 2009 to regain compliance, which requires a closing bid price of the
Company's common stock at or above $1.00 per share for a minimum of 10
consecutive business days. In the event the Company does not regain compliance
within this period, the Company may appeal a delisting determination by the
Staff to the Nasdaq Listing Qualifications Panel, and the Company's securities
would remain listed pending the Panel's decision. The Company may apply to
Nasdaq to transfer its common stock to The Nasdaq Capital Market if it
satisfies the requirements for initial inclusion set forth in Marketplace
Rule 4310(c), except the minimum bid price requirement. If its application for
transfer is approved, the Company would be afforded the remainder of that
market's second 180 calendar day compliance period to regain compliance with
the minimum bid price requirement in order to remain on The Nasdaq Capital
Market. NUCRYST is currently evaluating its alternatives to resolve the
listing deficiency.

    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: the 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; 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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