WAKEFIELD, MASSACHUSETTS, U.S.A. - NUCRYST Pharmaceuticals announced today that it has received a further payment of US$3 million from Smith & Nephew’s Advanced Wound Management Division following achievement of a regulatory milestone in Europe. This payment is part of a milestone-driven partnership agreement the two companies signed in May 2001.
NUCRYST and Smith & Nephew have collaborated to provide additional scientific evidence which reinforces the superior antimicrobial performance of ActicoatTM and ActicoatTM 7 dressings. ActicoatTM dressings have become widely accepted in 22 countries and are recognized for their effectiveness in treating burn, chronic and other serious wounds.
“The combination of Smith & Nephew’s market leadership in advance wound care and the power of NUCRYST’s patented SILCRYSTTM nanocrystals, which coat the ActicoatTM dressings, has resulted in sales growth in excess of 50 percent in 2002, and this additional scientific evidence should support continued ActicoatTM sales growth in Europe during 2003 and beyond,” said Scott H Gillis, President of NUCRYST. “More and more patients with life- threatening burns, limb-threatening chronic wounds and other serious wounds are benefiting from treatments involving ActicoatTM dressings.”
NUCRYST licenses its SILCRYSTTM nanocrystals to market-leading healthcare companies for specific fields of use, including an exclusive arrangement with Smith & Nephew for advanced wound care. Opportunities for SILCRYSTTM nanocrystals are available to other companies for non-wound care use.
In May 2001, Smith & Nephew partnered with NUCRYST for an exclusive global license to its antimicrobial coating technology for wound dressings, and assumed its US and Canadian ActicoatTM dressing business. The agreement included an initial payment of US$16.5 million with further amounts payable on the achievement of certain regulatory and sales milestones. NUCRYST continues to manufacture all ActicoatTM dressings for Smith & Nephew in exchange for manufacturing cost reimbursement and a royalty on sales.
About NUCRYST Pharmaceuticals
NUCRYST Pharmaceuticals Corp. (www.nucryst.com) researches, develops and commercialises medical devices and pharmaceutical products based on noble metal nanocrystalline technology. The company’s first products, ActicoatTM antimicrobial dressings for burns and serious wounds, use NUCRYST Pharmaceutical’s proprietary SILCRYSTTM technology and are marketed, sold and distributed by Smith & Nephew, the world’s leading wound care company.
The Westaim Corporation’s technology investments include: NUCRYST Pharmaceuticals, which researches, develops and commercialises medical devices and pharmaceutical products based on its nanocrystalline silver technology; and iFire Technology, which has developed a revolutionary low-cost flat panel display. Westaim’s common shares are listed on Nasdaq under the symbol WEDX and on The Toronto Stock Exchange under the trading symbol WED.
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For more information contact:
David Wills, Investor Relations
The Westaim Corporation
(416) 504-8464
info@westaim.com
www.westaim.com
This news release may contain forward-looking statements. 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 financial considerations and those predicting the timing and market acceptance of future products. The Company disclaims any intention or obligations 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.
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