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NUCRYST Pharmaceuticals announces 2007 third quarter results
Date:11/7/2007

WAKEFIELD, MA, Nov. 7 /PRNewswire-FirstCall/ - 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 http://www.sec.gov and http://www.sedar.com. NUCRYST filings are also available at http://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", "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 http://www.sec.gov and with securities authorities in Canada on SEDAR at http://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)

----------------------- ------------------------ ------------------------

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

share

- 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%


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SOURCE NUCRYST Pharmaceuticals Corp.
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