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




<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><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></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: 12pt"><B>Pursuant To Section&nbsp;13 or 15 (d)&nbsp;of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date
of Report (Date of earliest event reported) &#151; May&nbsp;8, 2007</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NUCRYST PHARMACEUTICALS CORP.</B>
</DIV>

<DIV align="center" style="font-size: 8pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta, Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-51686</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(State or other jurisdiction of<BR>
incorporation or organization)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NUCRYST Pharmaceuticals Corp.<BR>
50 Audubon Road<BR>
Wakefield, MA 01880</B>
</DIV>

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



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;&nbsp;(780)&nbsp;992-5626</B>
</DIV>


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

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

<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></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></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></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></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: 18pt">(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>


</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Item&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B><B>Entry into a Material Definitive Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;8, 2007, NUCRYST Pharmaceuticals Corp. (the &#147;Company&#148;) entered into a Fourth Amending Lease
Agreement effective April&nbsp;30, 2007 (the &#147;Fourth Amendment&#148;) amending that certain Memorandum of
Lease Agreement between the Company and The Westaim Corporation (&#147;Westaim&#148;) dated July&nbsp;1, 2005 (the
&#147;MMC Lease&#148;) and an AIMS I Second Amending Lease Agreement effective April&nbsp;30, 2007 (the &#147;Second
Amendment&#148;) amending that certain Memorandum of Lease between the Company and Westaim dated
effective December&nbsp;1, 2005 (the &#147;AIMS I Lease&#148;) (the &#147;Fourth Amendment and Second Amendment are
collectively referred to as the &#147;Amending Agreements&#148;). Pursuant to the Second Amendment, NUCRYST
agreed to surrender to Westaim, on or before June&nbsp;30, 2008, the leased premises covered by the AIMS
I Lease. Pursuant to the Fourth Amendment, the Company agreed to surrender to Westaim, on or
before September&nbsp;30, 2007, a portion of the leased premises covered by the MMC Lease and to amend,
among other things, the Company&#146;s option to lease additional space in the future. In conjunction
with the Amending Agreements, the Company and Westaim entered into a Letter Agreement dated April
27, 2007 and effective on May&nbsp;8, 2007 (the &#147;Letter Agreement&#148;) pursuant to which Westaim agreed to
pay NUCRYST the amount of $900,000 as consideration for its agreement to enter into the Amending
Agreements. Westaim owns a controlling interest in the Company. A copy of the Fourth Amendment,
the Second Amendment and the Letter Agreement are filed herewith as Exhibits 99.1, 99.2 and 99.3
and are incorporated by reference herein in their entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Item&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B><B>Financial Statements and Exhibits.</B>
</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Amending Lease Agreement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AIMS I Second Amending Lease Agreement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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="35%">&nbsp;</TD>
    <TD width="15%">&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"><B>/s/&nbsp;&nbsp;<I>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>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATE:&nbsp;&nbsp;May&nbsp;11, 2007
</DIV>


</DIV>
</BODY>
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{"company-data": {"conformed-name": "NUCRYST Pharmaceuticals Corp.", "cik": "0001344674", "assigned-sic": "3841", "irs-number": "000000000", "state-of-incorporation": "A0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51686", "film-number": "07843532"}, "business-address": {"street1": "50 AUDUBON ROAD", "street2": "SUITE B", "city": "WAKEFIELD", "state": "MA", "zip": "01880", "phone": "781-224-1444"}, "mail-address": {"street1": "50 AUDUBON ROAD", "street2": "SUITE B", "city": "WAKEFIELD", "state": "MA", "zip": "01880"}}
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) — May 8, 2007
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:   (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 1.01
Entry into a Material Definitive Agreement
On May 8, 2007, NUCRYST Pharmaceuticals Corp. (the "Company") entered into a Fourth Amending Lease
Agreement effective April 30, 2007 (the "Fourth Amendment") amending that certain Memorandum of
Lease Agreement between the Company and The Westaim Corporation ("Westaim") dated July 1, 2005 (the
"MMC Lease") and an AIMS I Second Amending Lease Agreement effective April 30, 2007 (the "Second
Amendment") amending that certain Memorandum of Lease between the Company and Westaim dated
effective December 1, 2005 (the "AIMS I Lease") (the "Fourth Amendment and Second Amendment are
collectively referred to as the "Amending Agreements"). Pursuant to the Second Amendment, NUCRYST
agreed to surrender to Westaim, on or before June 30, 2008, the leased premises covered by the AIMS
I Lease. Pursuant to the Fourth Amendment, the Company agreed to surrender to Westaim, on or
before September 30, 2007, a portion of the leased premises covered by the MMC Lease and to amend,
among other things, the Company's option to lease additional space in the future. In conjunction
with the Amending Agreements, the Company and Westaim entered into a Letter Agreement dated April
27, 2007 and effective on May 8, 2007 (the "Letter Agreement") pursuant to which Westaim agreed to
pay NUCRYST the amount of $900,000 as consideration for its agreement to enter into the Amending
Agreements. Westaim owns a controlling interest in the Company. A copy of the Fourth Amendment,
the Second Amendment and the Letter Agreement are filed herewith as Exhibits 99.1, 99.2 and 99.3
and are incorporated by reference herein in their entirety.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
99.1
Fourth Amending Lease Agreement.
99.2
AIMS I Second Amending Lease Agreement.
99.3
Letter Agreement
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 11, 2007