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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</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>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<BR>
<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: 12pt"><B>Date
of Report (Date of earliest event reported) &#151;May&nbsp;8, 2008</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: 10pt"><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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
<TR valign="bottom">
    <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: 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: 10pt; margin-top: 12pt"><B>NUCRYST Pharmaceuticals Corp.<BR>
50 Audubon Road<BR>
Wakefield, MA 01880<BR>
(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: (780)&nbsp;992-5626<BR>
<BR style="font-size: 6pt">
Not applicable<BR>
(Former name or former address, if changed since last report)</B></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>


<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="1%">&nbsp;</TD>
    <TD width="1%" 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="1%">&nbsp;</TD>
    <TD width="1%" 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="1%">&nbsp;</TD>
   <TD width="1%" 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="1%">&nbsp;</TD>
    <TD width="1%" 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 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>

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<!-- link1 "Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors; Appointment of Certain Officers;
Compensatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrangements of Certain Officers" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B><I>Item&nbsp;5.02</I></B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Amendments to Equity Incentive Plan Approved at Annual and Special General Meeting of Shareholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;8, 2008, at the Annual General and Special Meeting of Shareholders, the shareholders of
NUCRYST Pharmaceutical Corp. (the &#147;Company&#148;) approved amendments to the NUCRYST 1998 Equity
Incentive Plan, as amended (the &#147;Plan&#148;) including an amendment to increase the maximum number of
common shares reserved for issuance under the Plan from 2,200,000 common shares, representing 12%
of the outstanding common shares of the Company as of March&nbsp;11, 2008 to an amount which is equal to
15% of the issued and outstanding common shares of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the amendment to increase the number of common shares reserved for issuance under
the Plan, the shareholders approved additional amendments to the Plan which are summarized as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Amending Provisions</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Board of Directors has the right at any time to alter, amend, suspend or discontinue the Plan
without approval of shareholders, subject to certain exceptions and subject to, as applicable, the
approval of the NASDAQ Stock Market and any required regulator approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Removal of Certain Limits on Grants to Insiders</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan was amended to remove certain limitations contained in the Plan on grants of awards to
insiders of the Company. In particular, the limitation that no more than 10% of the issued and
outstanding common shares, in aggregate, of the Company may be reserved for issuance at any one
time to insiders under the Plan was removed as was the limitation that the number of common shares
issued to insiders under the Plan within a one year period shall not exceed 10% of the total number
of issued and outstanding common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Computation of Available Shares</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of computing the number of common shares available for grant under the Plan, the Plan
was amended to clarify that the common shares that have been issued pursuant to the exercise of
awards granted pursuant to the Plan will become available for issuance under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Adjustment of Exercise/Settlement during Blackout Periods</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan was amended to provide for the extension of awards that expire or are to be settled during
a Company Black-Out Period (as that term is defined in the Plan). In particular, the Plan was
amended to provide that: (i)&nbsp;where the expiry date of an Option or Tandem Right occurs during or
within ten non-blackout trading days following the end of a Blackout Period, the expiry date for
such option or Tandem Right shall be the date which is ten non-blackout days following the end of
such Blackout Period; and (ii)&nbsp;where the date for the settlement of the grant of common shares or
the right to receive common shares pursuant to the Plan occurs during a Blackout Period, the
Company shall make such settlement within ten non-blackout trading days following the end of such
Blackout Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The summary of the amendments to the Plan contained herein is qualified in its entirety by
reference to the full text of the Plan, which is attached hereto as Exhibit&nbsp;10.55 and is
incorporated by reference.
</DIV>

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 3 -
</DIV>


<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits
</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">10.55</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NUCRYST Pharmaceuticals Corp. 1998 Equity Incentive Plan, as amended.</TD>
</TR>

</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->

<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;</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/ <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 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: May&nbsp;14, 2008
</DIV>



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



</BODY>
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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 8, 2008
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
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))
Item 5.02
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Amendments to Equity Incentive Plan Approved at Annual and Special General Meeting of Shareholders
On May 8, 2008, at the Annual General and Special Meeting of Shareholders, the shareholders of
NUCRYST Pharmaceutical Corp. (the "Company") approved amendments to the NUCRYST 1998 Equity
Incentive Plan, as amended (the "Plan") including an amendment to increase the maximum number of
common shares reserved for issuance under the Plan from 2,200,000 common shares, representing 12%
of the outstanding common shares of the Company as of March 11, 2008 to an amount which is equal to
15% of the issued and outstanding common shares of the Company.
In addition to the amendment to increase the number of common shares reserved for issuance under
the Plan, the shareholders approved additional amendments to the Plan which are summarized as
follows:
Amending Provisions
.
Our Board of Directors has the right at any time to alter, amend, suspend or discontinue the Plan
without approval of shareholders, subject to certain exceptions and subject to, as applicable, the
approval of the NASDAQ Stock Market and any required regulator approvals.
Removal of Certain Limits on Grants to Insiders
The Plan was amended to remove certain limitations contained in the Plan on grants of awards to
insiders of the Company. In particular, the limitation that no more than 10% of the issued and
outstanding common shares, in aggregate, of the Company may be reserved for issuance at any one
time to insiders under the Plan was removed as was the limitation that the number of common shares
issued to insiders under the Plan within a one year period shall not exceed 10% of the total number
of issued and outstanding common shares.
Computation of Available Shares
For purposes of computing the number of common shares available for grant under the Plan, the Plan
was amended to clarify that the common shares that have been issued pursuant to the exercise of
awards granted pursuant to the Plan will become available for issuance under the Plan.
Adjustment of Exercise/Settlement during Blackout Periods
The Plan was amended to provide for the extension of awards that expire or are to be settled during
a Company Black-Out Period (as that term is defined in the Plan). In particular, the Plan was
amended to provide that: (i) where the expiry date of an Option or Tandem Right occurs during or
within ten non-blackout trading days following the end of a Blackout Period, the expiry date for
such option or Tandem Right shall be the date which is ten non-blackout days following the end of
such Blackout Period; and (ii) where the date for the settlement of the grant of common shares or
the right to receive common shares pursuant to the Plan occurs during a Blackout Period, the
Company shall make such settlement within ten non-blackout trading days following the end of such
Blackout Period.
The summary of the amendments to the Plan contained herein is qualified in its entirety by
reference to the full text of the Plan, which is attached hereto as Exhibit 10.55 and is
incorporated by reference.
- 3 -
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
10.55
NUCRYST Pharmaceuticals Corp. 1998 Equity Incentive Plan, as amended.
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 14, 2008