WASHINGTON (Dow Jones/AP) – The last U.S. initial public offering of 2005 got off to a ho-hum debut Thursday.

Nucryst Pharmaceuticals Corp., of Wakefield, Mass., ended its first day of trading as a public stock at $10 a share on the Nasdaq Stock Market, flat with its IPO price.

The subsidiary of Westaim Corp. of Calgary, Alberta, sold 4.5 million shares at a price below the expected range of $12 to $14. The company had originally filed to sell 5.77 million shares.

Nucryst develops medical products with a patented silver coating that fights infection and inflammation.

Its wound-care products are sold by London medical-device company Smith & Nephew PLC, Nucryst’s only customer.

Nucryst has a history of losses and negative cash flow. In the first nine months of 2005, net revenue declined 4 percent to $18.86 million; net income declined 93 percent to $194,000, compared with the year before.

In the first three quarters of 2005, the company had negative operating cash flow of $4.2 million, and it would have realized a net loss if not for the receipt of $5 million in milestone payments from Smith & Nephew.

Nucryst receives milestone payments when Smith & Nephew reaches certain sales goals.

Nucryst warned in its prospectus that it expects continued net losses and negative cash flow from its operations in future.

Nucryst’s IPO is the last new stock that is expected to begin trading in the United States this year.

The IPO market traditionally shuts down in the weeks after Christmas, reopening again some time in mid- to late January.