THE WESTAIM CORP. $0.26 (Toronto symbol WED; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 94.0 million; Market cap: $24.4 million; SI Rating: Speculative) owns 74.5% of Nucryst Pharmaceuticals Corp. (Toronto symbol NCS), which makes medical products that prevent infection in burns and wounds. Based on current prices, this investment is worth $0.23 per Westaim share. A new development deal with UK-based Smith & Nephew plc should expand Nucryst’s earnings in 2008 and beyond.
Westaim itself is still debt free, and had cash of $0.33 a share at December 31, 2007.
Westaim is still a hold, but only for highly aggressive investors.
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