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August 15, 2005

For immediate release

NUCRYST Pharmaceuticals announces second quarter results

Wakefield, Massachusetts – August 5, 2005 – NUCRYST Pharmaceuticals, a subsidiary of The Westaim Corporation, today announced second quarter total revenue of US$4.6 million, compared to US$3.5 million posted in the same period last year.  

In the first six months of 2005, NUCRYST Pharmaceuticals reported revenues of US$8.6 million compared to US$11.4 million in the same period of 2004.  In the first quarter of 2004, NUCRYST Pharmaceuticals earned a US$5.0 million milestone from Smith & Nephew plc. NUCRYST and Smith & Nephew have an agreement for the global sales and distribution of Acticoat™ dressings for serious wounds, including burns and chronic wounds.

On April 22, 2005, Smith & Nephew introduced Acticoat™ Moisture Control, a new foam dressing that will be used for treating light to moderately exudating partial and full thickness wounds. Foam dressings represent a significant segment in the serious wound care market. The new product was launched at the largest advanced wound care conference in the US, the Symposium on Advanced Wound Care.

In collaboration with Smith & Nephew, the world leader in advanced wound management, NUCRYST develops and manufactures Acticoat™ dressings with SILCRYST™ Nanocrystals. Smith & Nephew’s Acticoat™ dressings are sold in 30 countries and are used extensively for serious wounds including burns and chronic wounds. The agreement includes up to US$56.5 million in milestone payments that can be earned upon the achievement of certain pre-determined sales and regulatory milestones. To date, NUCRYST has earned US$14 million in milestone payments.

In June, NUCRYST brought new proprietary manufacturing equipment online in the FortSaskatchewanproduction facility to meet the rapidly growing demand for the Acticoat™ family of dressings. The production facility was completed ahead of schedule and is now producing Acticoat™ products for sale.

NUCRYST appointed David C. McDowell Vice President, Operations in June. Mr. McDowell will be based in FortSaskatchewanand brings more than 25 years experience in pharmaceutical, medical device, and consumer packaged goods production. Prior to joining NUCRYST, he served in senior manufacturing positions with Novartis, GlaxoSmithKline and Sterling Winthrop. Most recently, he held the position of General Manager Sterile Manufacturing, Head Lens Care Products Global Supply with CIBA Vision, a Novartis company, where he was responsible for global manufacturing and supply of eye care products.

The Westaim Corporation announced today that for the second quarter ended June 30, 2005, Westaim recorded a net loss of CDN$10.2 million or CDN11 cents per share compared to a net loss of CDN$13.1 million, or CDN17 cents per share in the same quarter last year. Westaim reported revenues of CDN$5.7 million in the second quarter of 2005 compared to CDN$4.9 million in the same period last year reflecting continued success in the SILCRYST division of NUCRYST Pharmaceuticals. As a Canadian company, The Westaim Corporation reports in Canadian dollars (CDN).

For the six months ended June 30, 2005, Westaim posted revenues of CDN$10.7 million and a net loss of CDN$7.7 million, or CDN 8 cents per share. For the same period last year, Westaim had revenues of CDN$4.8 million and a net loss of CDN $15.2 million, or CDN 15 cents per share. In the first six months of 2004, NUCRYST received a US$5 million milestone payment from Smith & Nephew plc.

At June 30, 2005, Westaim had CDN$84.7 million in cash and short-term investments.

NUCRYST Pharmaceuticals Corp. (www.nucryst.com) researches and develops healthcare products based on noble metal nanocrystalline technology. Potential products are in development for dermatology, respiratory and gastrointestinal conditions. The company has an established, profitable medical coatings business called SILCRYST. NUCRYST manufactures Acticoat™ antimicrobial dressings for burns and serious wounds for Smith & Nephew plc, the world leader in advanced wound management.

In addition to NUCRYST, The Westaim Corporation’s technology investments include 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 TorontoStock 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

All figures are in US dollars unless otherwise stated

SILCRYST™ is a trademark of NUCRYST Pharmaceuticals Corp.

Acticoat™ is trademark of Smith & Nephew plc

This news release may contain forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and the Company can give no assurance that these expectations are correct. Various factors such as but not limited to financial considerations could cause actual results to differ materially from those projected in such statements, including but not limited to statements regarding the next stages of commercialization in subsidiaries, the progress of iFire’s pilot plant and the timing of the commissioning of that plant, the timing of NUCRYST clinical studies, anticipated uses for NUCRYST products, potential areas of commercialization for NUCRYST products, the timing of results from current NUCRYST clinical studies, the design and timing of additional NUCRYST clinical trials, facilities expansion and capacity increases, iFire production of flat panel displays, product development, product commercialization including but not limited to timing of that commercialization, manufacturing costs, cost advantages, construction or operation timeframes, potential partnering activities and strategies, and the development, expansion or upgrading of facilities and equipment. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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