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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B><I>Pursuant
To Section&nbsp;13 or 15 (d)&nbsp;of the</I><BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Date of Report (Date of earliest event reported) &#151; April&nbsp;29, 2008</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 16pt"><B>NUCRYST PHARMACEUTICALS CORP.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>

<DIV align="center" style="font-size: 6pt">&nbsp;
</DIV>

<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size:10pt"><B>Alberta, Canada</B></FONT><B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><B>000-51686</B></FONT><B><BR>
(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:10pt"><B>Not Applicable</B></FONT><B><BR>
(I.R.S. Employer Identification No.)</B></TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 14pt"><B>NUCRYST Pharmaceuticals Corp.<BR>
50 Audubon Road, Suite&nbsp;B<BR>
Wakefield, MA 01880</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 2pt"><B>(Address of principal executive offices)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 14pt"><B>Registrant&#146;s
telephone number, including area code:&nbsp;&nbsp;(780)&nbsp;992-5626</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 14pt"><B>Not applicable</B>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 0pt"><B>(Former name or former address, if changed since last report)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 14pt">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>


<DIV style="margin-top: 9pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">(Former name or former address, if changed since last report)

</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Item&nbsp;5.02</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Departure of Directors or Principal Officer; Election of Directors; Appointment of Principal Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;3, 2008, NUCRYST Pharmaceuticals Corp. (the &#147;Company&#148;) announced that Eliot M. Lurier
was stepping down, effective April&nbsp;15, 2008, as Vice President, Finance and Administration and
Chief Financial Officer of the Company. On April&nbsp;29, 2008, a final and binding Separation
Agreement and General Release (the &#147;Separation Agreement&#148;) became effective by and between the
Company and Mr.&nbsp;Lurier providing for the termination of his employment effective April&nbsp;15, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Separation Agreement, and subject to the terms and conditions set forth therein, Mr.
Lurier&#146;s employment with the Company is terminated effective April&nbsp;15, 2008 and he is entitled to
the following severance payments and benefits:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of the amount of $85,500.00 in a lump sum payment less applicable withholding and
deductions within 30&nbsp;days following the expiration of the revocation period set forth in the
Separation Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of an additional $1,000 less applicable withholding and deductions, on June&nbsp;30, 2008
provided the Executive fulfills his promises and obligations during the Transition Period as
set forth in the Separation Agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if Mr.&nbsp;Lurier elects health care continuation coverage under COBRA, payment of the of the
employer&#146;s portion of Mr.&nbsp;Lurier&#146;s COBRA premium for the month of May&nbsp;2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration for the payments and benefits described above, Mr.&nbsp;Lurier provided to the
Company a general release of claims as contained in the Separation Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Mr.&nbsp;Lurier&#146;s outstanding equity incentive awards, his rights and obligations
with regard to any vested options or vested restricted stock units he may have as of the
termination date of his employment will be governed by the terms and conditions set forth in the
applicable award agreements under which the equity was previously granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Separation Agreement is only a summary, is not complete and
is qualified in its entirety to the actual agreement, which is attached hereto as Exhibit&nbsp;99.1 and
is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Item&nbsp;9.01</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(d)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential Separation Agreement and General Release between Eliot M. Lurier and NUCRYST Pharmaceuticals Corp. and NUCRYST Pharmaceuticals Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Nucryst Pharmaceuticals Corp.</B></FONT><BR>
&nbsp;<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"><I>/s/&nbsp;&nbsp;Carol L. Amelio</I>
&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>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DATE:&nbsp;&nbsp;May&nbsp;2, 2008

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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e8vk
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) — April 29, 2008
NUCRYST PHARMACEUTICALS CORP.
(Exact name of registrant as specified in its charter)
Alberta, Canada
(State or other jurisdiction of
incorporation or organization)
000-51686
(Commission File Number)
Not Applicable
(I.R.S. Employer Identification No.)
NUCRYST Pharmaceuticals Corp.
50 Audubon Road, Suite B
Wakefield, MA 01880
(Address of principal executive offices)
Registrant's
telephone number, including area code:  (780) 992-5626
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))
(Former name or former address, if changed since last report)
Item 5.02
Departure of Directors or Principal Officer; Election of Directors; Appointment of Principal Officers
(e)     On April 3, 2008, NUCRYST Pharmaceuticals Corp. (the "Company") announced that Eliot M. Lurier
was stepping down, effective April 15, 2008, as Vice President, Finance and Administration and
Chief Financial Officer of the Company. On April 29, 2008, a final and binding Separation
Agreement and General Release (the "Separation Agreement") became effective by and between the
Company and Mr. Lurier providing for the termination of his employment effective April 15, 2008.
Under the Separation Agreement, and subject to the terms and conditions set forth therein, Mr.
Lurier's employment with the Company is terminated effective April 15, 2008 and he is entitled to
the following severance payments and benefits:
1.
payment of the amount of $85,500.00 in a lump sum payment less applicable withholding and
deductions within 30 days following the expiration of the revocation period set forth in the
Separation Agreement;
2.
payment of an additional $1,000 less applicable withholding and deductions, on June 30, 2008
provided the Executive fulfills his promises and obligations during the Transition Period as
set forth in the Separation Agreement; and
3.
if Mr. Lurier elects health care continuation coverage under COBRA, payment of the of the
employer's portion of Mr. Lurier's COBRA premium for the month of May 2008.
In consideration for the payments and benefits described above, Mr. Lurier provided to the
Company a general release of claims as contained in the Separation Agreement.
With respect to Mr. Lurier's outstanding equity incentive awards, his rights and obligations
with regard to any vested options or vested restricted stock units he may have as of the
termination date of his employment will be governed by the terms and conditions set forth in the
applicable award agreements under which the equity was previously granted.
The foregoing description of the Separation Agreement is only a summary, is not complete and
is qualified in its entirety to the actual agreement, which is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
99.1
Confidential Separation Agreement and General Release between Eliot M. Lurier and NUCRYST Pharmaceuticals Corp. and NUCRYST Pharmaceuticals Inc.
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
DATE:  May 2, 2008
2