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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 style="width: 26%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></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<BR>
Pursuant To Section&nbsp;13 OR 15 (d)&nbsp;of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported) &#151;December&nbsp;19, 2008</B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NUCRYST PHARMACEUTICALS CORP.</B>
</DIV>

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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><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-51686</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(I.R.S. Employer Identification No.)</TD>
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<B>NUCRYST Pharmaceuticals Corp.<BR>

101 College Road East<BR>

Princeton, New Jersey 08540</B><BR>

(Address of principal executive offices)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Registrant&#146;s telephone number, including area code: <B>(609)&nbsp;228-8220</B></DIV>


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


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<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 2px">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
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    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
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    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
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    <TD><FONT face="Wingdings">&#111;</FONT></TD>
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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))
</TD>
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<TR>
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    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><I>Item&nbsp;8.01</I></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Other Events</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;19, 2008, NUCRYST Pharmaceuticals Corp. (the &#147;Company&#148;) announced that its Board of
Directors is calling a special meeting of shareholders to be held on Thursday, February&nbsp;12, 2009 at
the company&#146;s corporate offices in Princeton, New Jersey. The record date for the special meeting
has been set for January&nbsp;16, 2009. The Special Meeting of Shareholders was requisitioned on
December&nbsp;1, 2008 by The Westaim Corporation (&#147;Westaim&#148;), which holds approximately 75% of the
issued and outstanding shares of NUCRYST. The Board is required by law to call the requisitioned
meeting within 21&nbsp;days of receipt of the Westaim requisition.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Special Meeting is being called to consider a special resolution pursuant to section 38(1) of
the Business Corporations Act (Alberta) to reduce the stated capital of the outstanding NUCRYST
common shares by an amount equal to the product of the number of common shares outstanding on the
date of the meeting and U.S.$0.80 for the purpose of distributing U.S.$0.80 cash per common share
to the shareholders of NUCRYST. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and
is incorporated by reference.</DIV>


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<TR valign="top">
    <TD nowrap align="left"><B><I>Item&nbsp;9.01</I></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press Release, dated December&nbsp;19, 2008, titled &#147;NUCRYST Calls Special Meeting of
Shareholders&#148;</DIV></TD>
</TR>
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</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>

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    <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;</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/ 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">Dated: December 19, 2008.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Vice President, General Counsel and
Corporate Secretary</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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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) —December 19, 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.
101 College Road East
Princeton, New Jersey 08540
(Address of principal executive offices)
Registrant's telephone number, including area code:
(609) 228-8220
(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 8.01
Other Events
On December 19, 2008, NUCRYST Pharmaceuticals Corp. (the "Company") announced that its Board of
Directors is calling a special meeting of shareholders to be held on Thursday, February 12, 2009 at
the company's corporate offices in Princeton, New Jersey. The record date for the special meeting
has been set for January 16, 2009. The Special Meeting of Shareholders was requisitioned on
December 1, 2008 by The Westaim Corporation ("Westaim"), which holds approximately 75% of the
issued and outstanding shares of NUCRYST. The Board is required by law to call the requisitioned
meeting within 21 days of receipt of the Westaim requisition.
The Special Meeting is being called to consider a special resolution pursuant to section 38(1) of
the Business Corporations Act (Alberta) to reduce the stated capital of the outstanding NUCRYST
common shares by an amount equal to the product of the number of common shares outstanding on the
date of the meeting and U.S.$0.80 for the purpose of distributing U.S.$0.80 cash per common share
to the shareholders of NUCRYST. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated by reference.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits.
Exhibit
Number
Description
99.1
Press Release, dated December 19, 2008, titled "NUCRYST Calls Special Meeting of
Shareholders"
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
Dated: December 19, 2008.
Vice President, General Counsel and
Corporate Secretary