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NUCRYST Announces Completion of Amalgamation
Date:2/8/2010

the Amalgamation-Redemption Procedure" in the Notice and Information Circular dated November 25, 2009 previously delivered to shareholders in connection with the Special Meeting of Shareholders and filed with securities authorities in Canada on SEDAR at www.sedar.com and with the United States Securities and Exchange Commission on December 1, 2009 as Exhibit (a)(1) to the Schedule 13E-3 Transaction Statement filed by Nucryst, Westaim and 1499642. NUCRYST shares may be redeemed at any time prior to the fifth anniversary of the Amalgamation.

The Amalgamation follows the sale by Nucryst of substantially all of its assets pursuant to an asset purchase agreement dated November 10, 2009, as amended, among Nucryst, NUCRYST Pharmaceuticals Inc., Smith & Nephew Inc. and Smith & Nephew (Overseas) Limited.

This news release is for information purposes only and is not a substitute for the definitive agreements or other disclosures provided in the Information Circular and supplements provided to shareholders in relation to the Amalgamation.

About NUCRYST Pharmaceuticals Corp.

NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS) sold its Acticoat business, constituting substantially all of its assets, on December 22, 2009. Following completion of the sale and prior to the completion of the Amalgamation, the Company consisted primarily of cash and short-term investments and no longer had any operating income.

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