Nucryst Pharmaceuticals Corp. (NCST)

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NUCRYST Pharmaceuticals announces year-end results
Thursday February 14, 4:35 pm ET

WAKEFIELD, Massachusetts, Feb. 14 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST - News; TSX: NCS - News) today announced results for the year ended December 31, 2007. Net loss narrowed to $4.0 million, or 22 cents per share, on revenues of $30.1 million. This compares to a net loss of $10.5 million, or 58 cents per share, on revenues of $24.4 million in the previous year. The lower net loss for 2007 is primarily attributable to the combined impact of the $5 million milestone earned from Smith & Nephew in the third quarter together with an additional $5 million milestone earned in the fourth quarter. The impact of these milestones was partially offset by the $4.5 million manufacturing cost rebate paid to Smith & Nephew in 2007 under our supply agreement. No milestone payments were earned in 2006.

For the three months ended December 31, 2007, the company posted net income of $3.2 million, or 17 cents per share, on revenues of $11.2 million. This compares to a net loss of $1.6 million in the fourth quarter of 2006, or 9 cents per share on revenues of $4.5 million.

At December 31, 2007, NUCRYST had $17.8 million in cash and cash equivalents.

"While the fourth quarter of 2007 saw us continue to explore opportunities to rebuild our new products pipeline, following the fourth quarter 2006 cancellation of our clinical program in atopic dermatitis, the principal focus of our Board and Management in late-2007 was on extracting value from our advanced wound care assets," said Thomas E. Gardner, President, CEO and Chairman of NUCRYST. "I am pleased with the improved results generated in the fourth quarter of 2007, and believe they reflect in large part our reinvigorated relationship with Smith & Nephew plc following a September 30, 2007 revision of our basic agreements."

NUCRYST continues to seek partners for its two development projects, use of NPI 32101 as an antimicrobial barrier cream and use of NPI 32101 in inflammatory bowel disease. The company has already received a 510(k)regulatory approval from the FDA for the antimicrobial barrier cream.

NUCRYST Pharmaceuticals (NASDAQ: NCST - News; TSX: NCS - News) 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, referred to as NPI 32101 for use in medical devices and as an active pharmaceutical ingredient.

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