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November 1, 2001

Westaim’s NUCRYST to pursue pharmaceutical applications for its proven nanotechnology

Wakefield, MA, USA -- -

New company name and new Boston-area headquarters, R&D facility
The establishment of NUCRYST’s pharmaceutical research and development laboratory in the company’s new headquarters in Wakefield, Massachusetts will focus on the development of their proprietary nanotechnology for specific medical conditions. This strategic decision builds upon NUCRYST’s successful clinical experience and the commercialization of its Acticoat™-branded antimicrobial dressings utilizing its SILCRYST™ silver nanocrystalline technology.

“We’re enthusiastic about the pharmaceutical potential for our patented nanotechnology,” said Scott H. Gillis, President of NUCRYST Pharmaceuticals. “The success of our SILCRYST™ nanocrystals as a barrier to infection with our device products will serve as the foundation for our pharmaceutical efforts. Our technology has properties for numerous therapeutic opportunities and we are currently researching which applications hold the greatest opportunity.”

NUCRYST is one of the first companies to translate nanotechnology, the science of extremely small materials, into clinically and commercially proven healthcare products. NUCRYST's patented nanotechnology is a process that builds nanocrystalline noble metal structures atom by atom. The company believes these new structures can offer great medical benefit and has already demonstrated clinical success with its SILCRYST™ antimicrobial barrier nanocrystals.

“Silver has been given a makeover by the application of nanotechnology,” concludes Liza G. Ovington, PhD, CWS in a study using Acticoat™ entitled Nanocrystalline Silver: Where the Old and Familiar Meets a New Frontier in March/April 2001 supplement of Wounds. “Based on precedents seen in nanoparticle research, the delivery of silver in a nanocrystalline physical format may allow for enhanced chemical and physical properties.”

With cumulative Acticoat™ sales of US$15 million since its introduction in March 1998, NUCRYST will continue to develop and manufacture dressings for burns and serious wounds under the brand Acticoat™ as part of its global marketing and distribution partnership with Smith & Nephew, the world leader in wound care.

About NUCRYST Pharmaceuticals
NUCRYST Pharmaceuticals Corp. (www.nucryst.com) is the world’s leading developer and manufacturer of antimicrobial nanocrystalline silver dressings and a wholly owned subsidiary of The Westaim Corporation. NUCRYST Pharmaceuticals researches, develops and commercializes medical devices and pharmaceutical products based on noble metal nanocrystalline technology. The company’s first products, Acticoat™ 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 with more than 500 sales representatives worldwide.

About The Westaim Corporation
The Westaim Corporation is a technology accelerator that launches exceptional technologies into the marketplace. In addition to NUCRYST Pharmaceuticals Corp., its technology investments include iFire Technology Inc., 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 symbol WED.

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For more information contact:

Tony Johnston, Senior Vice President
The Westaim Corporation
(403) 234-3103
info@westaim.com
www.westaim.com

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