PRINCETON, NJ, Jan. 16 /PRNewswire-FirstCall/ - Thomas E. Gardner, Chairman, announced today that G. A. (Drew) Fitch has been appointed to the NUCRYST Pharmaceuticals’ Board of Directors.
Mr. Fitch is the President and Chief Executive Officer of The Westaim Corporation (“Westaim”), NUCRYST’s controlling shareholder, holding approximately 75% of NUCRYST’s outstanding common shares. Prior to his appointment as President and Chief Executive Officer of Westaim in 2007, Mr. Fitch had been Senior Vice President and Chief Financial Officer of Westaim since 1997. Before joining Westaim, Mr. Fitch was Senior Vice President and Chief Financial Officer of Western Star Trucks Holdings Ltd., a manufacturer of city transit buses and highway trucks, and Senior Vice President, Finance & CFO of Canadian Airlines Corporation, an international airline company.
“The addition of Drew Fitch to the NUCRYST Board of Directors adds a seasoned director and will help us to coordinate our priorities with Westaim,” said Tom Gardner. “On behalf of the Board, we extend to Drew a warm welcome”, added Gardner.
About NUCRYST Pharmaceuticals
NUCRYST Pharmaceuticals develops, manufactures and commercializes medical products that fight infection and inflammation using SILCRYST(TM), its patented atomically disordered nanocrystalline silver technology. NUCRYST licensed world-wide rights for SILCRYST(TM) wound care coating products to Smith & Nephew plc, which markets these products in over 30 countries under their Acticoat(TM) trademark. NUCRYST is also developing pharmaceutical products to address medical conditions that are characterized by pain, infection and inflammation. The Company has developed its proprietary nanocrystalline silver in a powder form, referred to as NPI 32101 for use in medical devices and as an active pharmaceutical ingredient.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada (collectively “forward-looking statements”). Forward-looking statements in this news release include, but are not limited to, statements about the coordination of our priorities with Westaim. With respect to the forward-looking statements contained in this news release, readers are cautioned that numerous risks, uncertainties and other factors could cause our actual results to differ materially from those indicated in these statements including, but not limited to: Westaim’s stated intention to review its alternatives for maximizing the value of its stake in NUCRYST; the identification and pursuit of new opportunities to grow the value of NUCRYST; performance of stock markets generally; our ability to satisfy regulatory and stock exchange standards and requirements to maintain our exchange listing; our future operation results are uncertain and likely to fluctuate; our ability to maintain our collaboration with Smith & Nephew; our reliance on sales of Acticoat(TM) products with our SILCRYST(TM) coatings by Smith & Nephew; and the future financial performance and operating performance of Smith & Nephew. Although we have attempted to identify the important risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in forward-looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in forward looking statements. For a more thorough discussion of the risks associated with our business, see the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2007 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov and with securities authorities in Canada on SEDAR at www.sedar.com. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and NUCRYST disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future developments or otherwise after the date hereof.
CONTACT: David B. Holtz, Vice President and Chief Financial Officer,
NUCRYST Pharmaceuticals, (609) 228-8202; Fern Lazar, Lazar Partners, (212)
867-1762
