Westaim plans IPO of Nucryst Pharmaceuticals

By E. Janene Geiss

Philadelphia, Nov. 2 - The Westaim Corp. said Wednesday that it is planning an initial public offering of the common shares of its Nucryst Pharmaceuticals Corp. subsidiary.

All the shares are expected to be sold by Nucryst. Westaim will not sell any of its Nucryst shares, officials said in a news release.

The company said Nucryst is raising capital for construction of new production facilities, equipment, research and development, working capital and other general corporate purposes, including repaying a portion of its debt to Westaim..

Westaim officials said they expect the offering to occur in the next six months and will be made primarily in the United States. Westaim also said it expects to keep a controlling interest in Nucryst following the offering.

Calgary, Alta.-based Nucryst develops, manufactures and commercializes medical products that fight infection and inflammation based on nanocrystalline silver technology.

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