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March 12, 2003

NUCRYST Pharmaceuticals announces additional European approvals

Wakefield, MA, USA -- - 

NUCRYST Pharmaceuticals announced today that it has received a further payment of US$3 million from Smith & Nephew’s Advanced Wound Management Division following achievement of a regulatory milestone in Europe. This payment is part of a milestone-driven partnership agreement the two companies signed in May 2001.

NUCRYST and Smith & Nephew have collaborated to provide additional scientific evidence which reinforces the superior antimicrobial performance of Acticoat™ and Acticoat™ 7 dressings. Acticoat™ dressings have become widely accepted in 22 countries and are recognized for their effectiveness in treating burn, chronic and other serious wounds.

“The combination of Smith & Nephew’s market leadership in advance wound care and the power of NUCRYST’s patented SILCRYST™ nanocrystals, which coat the Acticoat™ dressings, has resulted in sales growth in excess of 50 percent in 2002, and this additional scientific evidence should support continued Acticoat™ sales growth in Europe during 2003 and beyond,” said Scott H Gillis, President of NUCRYST. “More and more patients with life- threatening burns, limb-threatening chronic wounds and other serious wounds are benefiting from treatments involving Acticoat™ dressings.”

NUCRYST licenses its SILCRYST™ nanocrystals to market-leading healthcare companies for specific fields of use, including an exclusive arrangement with Smith & Nephew for advanced wound care. Opportunities for SILCRYST™ nanocrystals are available to other companies for non-wound care use.

In May 2001, Smith & Nephew partnered with NUCRYST for an exclusive global license to its antimicrobial coating technology for wound dressings, and assumed its US and Canadian Acticoat™ dressing business. The agreement included an initial payment of US$16.5 million with further amounts payable on the achievement of certain regulatory and sales milestones. NUCRYST continues to manufacture all Acticoat™ dressings for Smith & Nephew in exchange for manufacturing cost reimbursement and a royalty on sales.

About NUCRYST Pharmaceuticals

NUCRYST Pharmaceuticals Corp. (www.nucryst.com) researches, develops and commercialises medical devices and pharmaceutical products based on noble metal nanocrystalline technology. The company’s first products, Acticoat™ antimicrobial dressings for burns and serious wounds, use NUCRYST Pharmaceutical’s proprietary SILCRYST™ technology and are marketed, sold and distributed by Smith & Nephew, the world’s leading wound care company.

The Westaim Corporation’s technology investments include: NUCRYST Pharmaceuticals, which researches, develops and commercialises medical devices and pharmaceutical products based on its nanocrystalline silver technology; and iFire Technology, which has developed a revolutionary low-cost flat panel display. Westaim’s common shares are listed on Nasdaq under the symbol WEDX and on The Toronto Stock Exchange under the trading symbol WED.


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For more information contact:

David Wills, Investor Relations
The Westaim Corporation
(416) 504-8464

info@westaim.com
www.westaim.com

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