Nastech Enters Into Feasibility Study to Develop a Non-Injectable Dosage Form of Factor IX to Control Bleeding

Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) announced today that they have entered into a feasibility study with an undisclosed global leader in the production of plasma products, to develop an alternative dosage form of Factor IX protein which is currently administered by injection to control and prevent bleeding in patients with hemophilia B.

"We look forward to working with our new global partner to evaluate the feasibility of delivering Factor IX without an injection," stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech. "Patients with hemophilia B, a result of deficiency in the Factor IX protein, require a lifetime of frequent injections in order to manage their condition. An alternative to these injections would be welcomed by patients and their caregivers."

Factor IX is a protein produced naturally in the body that helps the blood to form clots. Hemophilia B, also known as Christmas disease, is a condition in which the body does not make enough Factor IX and is treated by injections of the protein. If a person does not have enough Factor IX and becomes injured, the blood will not form clots and they may bleed into and damage muscles and joints.

About Nastech

Nastech is a biopharmaceutical company developing innovative products based on proprietary molecular biology-based drug delivery technologies. Nastech and our collaboration partners are developing products for multiple therapeutic areas including osteoporosis, obesity, diabetes, autism, respiratory diseases and inflammatory conditions. Additional information about Nastech is available at http://www.nastech.com.

Nastech Forward Looking Statements

Statements made in this press release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Nastech to obtain additional funding; (ii) the ability of Nastech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) Nastech's and/or a partner's ability to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) Nastech's and/or a partner's ability to obtain required governmental approvals; and (v) Nastech's and/or a partner's ability to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Nastech's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Nastech

assumes no obligation to update and supplement forward-looking statements because of subsequent events.

Contacts:

Nastech

Ed Bell

Director, Investor Relations

(425) 908-3639