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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: 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<BR>
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: 12pt"><B>Date of Report (Date of earliest event reported) &#151; May&nbsp;23, 2007</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>

<DIV align="center" style="font-size: 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">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Alberta, Canada</B>
</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>
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</DIV>

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    <TD align="center" valign="top"><B>(State or other jurisdiction of</B>
</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>
<TR valign="bottom">
    <TD align="center" valign="top"><B>incorporation or organization)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><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: 12pt; margin-top: 12pt"><B>NUCRYST Pharmaceuticals Corp.<BR>
50 Audubon Road, Suite&nbsp;B<BR>
Wakefield, MA 01880</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Address of principal executive offices)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code: </B><FONT style="font-size:12pt"><B>(780)&nbsp;992-5626</B></FONT></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Not applicable</B></DIV>

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

<DIV align="center" style="font-size: 10pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 2px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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: 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="2%" style="background: transparent">&nbsp;</TD>
    <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="2%" style="background: transparent">&nbsp;</TD>
    <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="2%" style="background: transparent">&nbsp;</TD>
    <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="2%" style="background: transparent">&nbsp;</TD>
    <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>





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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">On May&nbsp;23, 2007, NUCRYST Pharmaceuticals Corp. (the &#147;Company&#148;) passed a resolution appointing
Mr.&nbsp;Barry M. Heck as Executive Chair of its Board of Directors effective May&nbsp;23, 2007. Previously,
Mr.&nbsp;Heck was the non-Executive Chair of the Company. As Executive Chair, Mr.&nbsp;Heck will be
compensated at the rate of $20,000 per month and will receive standard options and restrictive
stock units granted to Company directors (8,000 Options and 5,000 restricted share units) and
benefits similar to executive officers of the Company. This position is expected to require less
than 40 hours per week.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;23, 2007, the Company issued a press release announcing Mr.&nbsp;Heck&#146;s appointment as Executive
Chair of its Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The press release is attached as Exhibit&nbsp;99.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Item&nbsp;9.01</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">(c)</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="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1&nbsp;&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated May&nbsp;23, 2007 announcing the appointment of Mr.&nbsp;Barry M. Heck as
Executive Chair of the Board of Directors of NUCRYST Pharmaceuticals Corp., effective May&nbsp;23,
2007.</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;&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"><B>N<FONT style="font-variant: SMALL-CAPS">UCRYST</FONT> P<FONT style="font-variant: SMALL-CAPS">HARMACEUTICALS</FONT> C<FONT style="font-variant: SMALL-CAPS">ORP</FONT>.</B><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"><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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Vice President, General Counsel and Corporate&nbsp;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: May&nbsp;23, 2007
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NUCRYST Pharmaceuticals appoints Barry M. Heck Executive Chairman</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Wakefield, Massachusetts &#151; May&nbsp;23, 2007 </B>&#151; NUCRYST Pharmaceuticals Corp.&#146;s Board of Directors
announced today that Barry M. Heck has been appointed Executive Chairman, effective immediately.
Previously, Mr.&nbsp;Heck was non-executive Chairman of NUCRYST. In an effort to enhance shareholder
value, Mr.&nbsp;Heck will work closely with senior management on a number of initiatives including
planning, corporate development and partnering strategies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Heck has held a variety of senior executive positions at The Westaim Corporation over the past
10&nbsp;years. Most recently, he served as President &#038; CEO of The Westaim Corporation, playing a pivotal
role in NUCRYST&#146;s 2005 Initial Public Offering. Mr.&nbsp;Heck has also held the position of Westaim&#146;s
Senior Vice President and President of Westaim&#146;s iFire Technology division.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes medical
products that fight infection and inflammation using its patented atomically disordered
nanocrystalline silver technology. Smith &#038; Nephew plc sell a range of advanced wound care products
under their Acticoat&#153; trade mark: Acticoat&#153; products incorporate NUCRYST&#146;s SILCRYST&#153; coatings and
are sold in over 30 countries. NUCRYST is also developing pharmaceutical products to address
medical conditions that are characterized by both infection and inflammation. The Company has
developed its proprietary nanocrystalline silver in a powder form for use as an active
pharmaceutical ingredient, referred to as NPI 32101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Acticoat&#153; is a trademark of Smith &#038; Nephew plc</I><BR><I>
SILCRYST&#153; is a trademark of NUCRYST Pharmaceuticals Corp.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">-30-
</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 6pt">For more information contact:<BR>
David Wills<BR>
Investor Relations<BR>
(416)&nbsp;504-8464<BR>
<U>info@nucryst.com</U><BR>
www.nucryst.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This news release may contain forward-looking statements within the meaning of securities
legislation in the United States and Canada. These statements are based on current expectations
that are subject to risks and uncertainties, and the Company can give no assurance that these
expectations are correct. Various factors could cause actual results to differ materially from
those projected in such statements, including but not limited to: the initiation, timing, progress
and results of our preclinical and clinical trials, research and development programs; our ability
to implement our business model and strategic plans for our business, product candidates and
technology; our ability to establish and maintain corporate collaborations; changes in general
economic conditions; financial considerations; other risks and uncertainties unidentified at this
time; and management&#146;s response to these factors. The Company disclaims any intention or
obligation to revise forward-looking statements whether as a result of new information, future
developments or otherwise. All forward-looking statements are expressly qualified in their entirety
by this cautionary statement.</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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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) — May 23, 2007
NUCRYST PHARMACEUTICALS CORP.
(Exact name of registrant as specified in its charter)
Alberta, Canada
000-51686
Not Applicable
(State or other jurisdiction of
(Commission File Number)
(I.R.S. Employer Identification No.)
incorporation or organization)
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
On May 23, 2007, NUCRYST Pharmaceuticals Corp. (the "Company") passed a resolution appointing
Mr. Barry M. Heck as Executive Chair of its Board of Directors effective May 23, 2007. Previously,
Mr. Heck was the non-Executive Chair of the Company. As Executive Chair, Mr. Heck will be
compensated at the rate of $20,000 per month and will receive standard options and restrictive
stock units granted to Company directors (8,000 Options and 5,000 restricted share units) and
benefits similar to executive officers of the Company. This position is expected to require less
than 40 hours per week.
On May 23, 2007, the Company issued a press release announcing Mr. Heck's appointment as Executive
Chair of its Board of Directors.
The press release is attached as Exhibit 99.1
Item 9.01
Financial Statements and Exhibits
(c)
Exhibits
99.1 —
Press Release dated May 23, 2007 announcing the appointment of Mr. Barry M. Heck as
Executive Chair of the Board of Directors of NUCRYST Pharmaceuticals Corp., effective May 23,
2007.
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.
N
UCRYST
P
HARMACEUTICALS
C
ORP
.
By:
/s/ Carol L. Amelio
Carol L. Amelio
Vice President, General Counsel and Corporate Secretary
DATE: May 23, 2007
Exhibit 99.1
NUCRYST Pharmaceuticals appoints Barry M. Heck Executive Chairman
Wakefield, Massachusetts — May 23, 2007
— NUCRYST Pharmaceuticals Corp.'s Board of Directors
announced today that Barry M. Heck has been appointed Executive Chairman, effective immediately.
Previously, Mr. Heck was non-executive Chairman of NUCRYST. In an effort to enhance shareholder
value, Mr. Heck will work closely with senior management on a number of initiatives including
planning, corporate development and partnering strategies.
Mr. Heck has held a variety of senior executive positions at The Westaim Corporation over the past
10 years. Most recently, he served as President & CEO of The Westaim Corporation, playing a pivotal
role in NUCRYST's 2005 Initial Public Offering. Mr. Heck has also held the position of Westaim's
Senior Vice President and President of Westaim's iFire Technology division.
NUCRYST Pharmaceuticals (NASDAQ: NCST; TSX: NCS) develops, manufactures and commercializes medical
products that fight infection and inflammation using its patented atomically disordered
nanocrystalline silver technology. Smith & Nephew plc sell a range of advanced wound care products
under their Acticoat™ trade mark: Acticoat™ products incorporate NUCRYST's SILCRYST™ coatings and
are sold in over 30 countries. NUCRYST is also developing pharmaceutical products to address
medical conditions that are characterized by both infection and inflammation. The Company has
developed its proprietary nanocrystalline silver in a powder form for use as an active
pharmaceutical ingredient, referred to as NPI 32101.
Acticoat™ is a trademark of Smith & Nephew plc
SILCRYST™ is a trademark of NUCRYST Pharmaceuticals Corp.
-30-
For more information contact:
David Wills
Investor Relations
(416) 504-8464
info@nucryst.com
www.nucryst.com
This news release may contain forward-looking statements within the meaning of securities
legislation in the United States and Canada. These statements are based on current expectations
that are subject to risks and uncertainties, and the Company can give no assurance that these
expectations are correct. Various factors could cause actual results to differ materially from
those projected in such statements, including but not limited to: the initiation, timing, progress
and results of our preclinical and clinical trials, research and development programs; our ability
to implement our business model and strategic plans for our business, product candidates and
technology; our ability to establish and maintain corporate collaborations; changes in general
economic conditions; financial considerations; other risks and uncertainties unidentified at this
time; and management's response to these factors. The Company disclaims any intention or
obligation to revise forward-looking statements whether as a result of new information, future
developments or otherwise. All forward-looking statements are expressly qualified in their entirety
by this cautionary statement.