At the operations level, this improvement resulted from lower manufacturing and research and development costs compared to 2007 and $4.9 million of severance costs included in the 2007 results, all of which was offset by $10.1 million milestone revenue earned by NUCRYST Pharmaceuticals Corp. The improvement in results also benefitted from a $7.3 million favourable change in foreign exchange gains as a result of the stronger U.S. For the three months ended , the Company posted a net income of $2.7 million, or 3 cents per share, compared to a net loss of $26.8 million, or 28 cents per share, in the same period in the previous year. Westaim announces 2008 year-end results CALGARY, / - / - The Westaim Corporation announced today that for the year ended , it recorded a net loss of $10.2 million, or 11 cents per share, on revenues of $22.4 million compared to a net loss of $58.0 million, or 62 cents per share, on revenues of $31.8 million in the previous year. The loss from continuing operations for the year ended was $1.7 million compared to a loss of $2.8 million in 2007.

Dollar in 2008 as well as lower.