Westaim Corporation (WEDXF)

[frogfan]

up because NCST, of which WEDX owns 74%, was up 161% today...people found this out and started buying WEDX...NCST was up huge on news of FDA approval, and WEDX was up because it owned most of NCST...

BANGALORE, July 20 (Reuters) - Shares of Nucryst Pharmaceuticals Corp. (NCST.O: Quote, Profile, Research) doubled their value on Friday, a day after its antimicrobial cream received approval from U.S. health regulators.

The cream, a formulation of nanocrystalline silver NPI 32101, was previously being studied as a treatment for dermatitis but failed in a mid-stage trial in September 2006, prompting the company to discontinue further studies.

" ...it failed to show statistical significance as an anti-inflammatory (treatment), but we did know its antimicrobial properties prior to that," company spokesman David Wills said by phone.

After the failure of the trial, Nucryst focused on seeking approval for the product as a medical device that acts as a barrier to infection from a broad spectrum of microbes, Willis added.

Before today's gains, Nucryst shares had lost about 80 percent of their value since the failure of the trial.

The company has not determined the timing of the product's launch, Nucryst said in a statement.

Shares of the company were up $2.28 at $4.54 in midday trade, making it the highest percentage gainer on the Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore)