NASTECH ANNOUNCES PRICING OF COMMON STOCK OFFERING

Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK - News) today announced the pricing of an underwritten public offering of 1,725,000 shares of its common stock at a price of $13.50 per share. The gross proceeds of the offering are expected to be approximately $23.3 million before deducting underwriting discounts and commission and offering expenses. The offering is being made from a shelf registration statement that became effective on October 8, 2004. All of the shares are being sold by Nastech. The offering is expected to close on August 30, 2005.

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