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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
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<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported) &#151; November&nbsp;24, 2008</B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NUCRYST PHARMACEUTICALS CORP.</B>
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(Exact name of registrant as specified in its charter)</DIV>


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    <TD align="center" valign="top"><B>Alberta, Canada</B>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-51686</B>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
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<TR style="font-size: 9pt" valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation or organization)
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
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<DIV align="center" style="font-size: 10pt; margin-top: 15pt">
<B>NUCRYST Pharmaceuticals Corp.<BR>

50 Audubon Road<BR>

Wakefield, MA 01880</B></DIV>


<DIV align="center" style="font-size: 9pt">(Address of principal executive offices)</DIV>

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<FONT style="font-size:9pt">Registrant&#146;s telephone number, including area code:</FONT> <B>(781)&nbsp;224-1444</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Not applicable</B></DIV>


<DIV align="center" style="font-size: 9pt">(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (<I>see </I>General
Instruction A.2. below):</DIV>

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    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
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    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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    <TD nowrap align="left"><B><I>Item&nbsp;1.02</I></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Termination of a Material Definitive Agreement.</B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 9pt">On November&nbsp;24, 2008, NUCRYST Pharmaceuticals Inc. (the &#147;Company&#148;), a wholly-owned subsidiary of
NUCRYST Pharmaceuticals Corp. (the &#147;Registrant&#148;), provided written notice to Cummings Properties
LLC (the &#147;Landlord&#148;) exercising its option to cancel, effective December&nbsp;30, 2008, the Commercial
Lease entered into between the Company and the Landlord dated September&nbsp;1, 2001, as amended, for
the premises located at 50 Audubon Road, Wakefield, Massachusetts (the &#147;Lease&#148;).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The Company is terminating the Lease in connection with the previously disclosed relocation of the
Company&#146;s executive offices from Wakefield, Massachusetts to Princeton, New Jersey and the
consolidation of its research and development activities to its Fort Saskatchewan, Alberta Canada
facility.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Pursuant to the terms and conditions of the Lease, and simultaneously with delivery of the written
notice of cancellation, the Company paid to the Landlord a lease termination fee in the amount of
$220,000.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">The original Commercial Lease Agreement for the Wakefield facility dated September&nbsp;1, 2001 between
the Company and Landlord was filed on December&nbsp;16, 2005 as Exhibit&nbsp;10.13 to Amendment No.&nbsp;2 to the
Registrant&#146;s Form F-1 Registration Statement. An Amendment to Lease was filed on November&nbsp;6, 2008
as Exhibit&nbsp;10.61 to the Registrant&#146;s Form 10-Q for the quarter ended September&nbsp;30, 2008.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 30pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

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    <TD colspan="3" align="left"><BR><FONT style="font-variant: SMALL-CAPS"><B>Nucryst Pharmaceuticals Corp.</B></FONT><BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><B><I>/s/&nbsp;&nbsp;Carol L. Amelio</I></B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Carol L. Amelio</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Vice President, General Counsel and<BR>
Corporate Secretary</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD colspan="5">&nbsp;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated:&nbsp;&nbsp;November&nbsp;26, 2008
</DIV>



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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) — November 24, 2008
NUCRYST PHARMACEUTICALS CORP.
(Exact name of registrant as specified in its charter)
Alberta, Canada
000-51686
Not Applicable
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
NUCRYST Pharmaceuticals Corp.
50 Audubon Road
Wakefield, MA 01880
(Address of principal executive offices)
Registrant's telephone number, including area code:
(781) 224-1444
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (
see
General
Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02
Termination of a Material Definitive Agreement.
On November 24, 2008, NUCRYST Pharmaceuticals Inc. (the "Company"), a wholly-owned subsidiary of
NUCRYST Pharmaceuticals Corp. (the "Registrant"), provided written notice to Cummings Properties
LLC (the "Landlord") exercising its option to cancel, effective December 30, 2008, the Commercial
Lease entered into between the Company and the Landlord dated September 1, 2001, as amended, for
the premises located at 50 Audubon Road, Wakefield, Massachusetts (the "Lease").
The Company is terminating the Lease in connection with the previously disclosed relocation of the
Company's executive offices from Wakefield, Massachusetts to Princeton, New Jersey and the
consolidation of its research and development activities to its Fort Saskatchewan, Alberta Canada
facility.
Pursuant to the terms and conditions of the Lease, and simultaneously with delivery of the written
notice of cancellation, the Company paid to the Landlord a lease termination fee in the amount of
$220,000.
The original Commercial Lease Agreement for the Wakefield facility dated September 1, 2001 between
the Company and Landlord was filed on December 16, 2005 as Exhibit 10.13 to Amendment No. 2 to the
Registrant's Form F-1 Registration Statement. An Amendment to Lease was filed on November 6, 2008
as Exhibit 10.61 to the Registrant's Form 10-Q for the quarter ended September 30, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Nucryst Pharmaceuticals Corp.
By:
/s/  Carol L. Amelio
Carol L. Amelio
Vice President, General Counsel and
Corporate Secretary
Dated:  November 26, 2008