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December 2, 2005

Wakefield, MA – December 2, 2005 – NUCRYST Pharmaceuticals Corp. announced today that it has filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary prospectus with each of the Canadian provincial securities regulatory authorities (other than Quebec) relating to the proposed initial public offering of its common shares. All of the shares to be sold in the offering will be newly issued shares sold by NUCRYST.

The shares will be offered by an underwriting syndicate led by Jefferies & Company, Inc. and co-managed by Adams Harkness, Inc., GMP Securities L.P., and SunTrust Robinson Humphrey.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. A preliminary prospectus relating to these securities has been filed with each of the Canadian provincial securities regulatory authorities (other than Quebec). These securities may not be sold nor may offers to buy be accepted in the United States, prior to the time the registration statement becomes effective and in any province of Canada, prior to the time that a receipt for a final prospectus is obtained from the securities commission or similar authority in such province. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state, province or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state, province or jurisdiction. The offering will be made only by means of a prospectus.

When available, copies of the preliminary prospectus relating to these securities may be obtained in the United States from Jefferies & Company by fax request at (212) 284-2208 and in Canada from GMP Securities L.P. by fax request at (416) 943-6133. Jeffries & Company may also be contacted in writing at Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022. When available, copies of the preliminary prospectus relating to these securities may also be obtained by mail request at the following addresses:

Jefferies & Company, Inc.
520 Madison Avenue
12th Floor
New York, NY
10022

GMP Securities L.P.
Attn:  Syndication Department
145 King St., West, Suite 1100
Toronto, Ontario
M5H 1J8


NUCRYST Pharmaceuticals develops, manufactures and commercializes medical products that fight infection and inflammation based on its nanocrystalline silver technology. Advanced wound care products with the company’s SILCRYST™ coatings are sold by Smith & Nephew plc under an exclusive license in over 30 countries under its Acticoat™ trademark. NUCRYST is also developing pharmaceutical products to address medical conditions that are characterized by both infection and inflammation. The company has developed its nanocrystalline silver in a powder form for use as an active pharmaceutical ingredient, referred to as NPI 32101.

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For more information contact:
David Wills
Investor Relations
(416) 504-8464
info@nucryst.com
www.nucryst.com

Acticoat™ is a trademark of Smith & Nephew plc
SILCRYST™ is a trademark of NUCRYST Pharmaceuticals Corp.

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