March 21, 2008 at 16:00 PM EDT
Nastech Pharmaceutical Company Inc. Complies with Nasdaq Marketplace Rule 4350(b)(1)(B)

Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK), in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification, disclosed that our Annual Report (Form 10-K) for the year ended December 31, 2007 contains a going concern qualification from our independent registered public accounting firm, KPMG LLP.

This announcement does not represent any change or amendment to our 2007 financial statements or to our Annual Report, filed on Form 10-K with the SEC, on March 17, 2008.

About Nastech

Nastech is a clinical-stage biopharmaceutical company focusing on the development and commercialization of innovative therapeutic products based on its proprietary molecular biology-based nasal drug delivery technology and its proprietary ribonucleic acid interference technology. Nastech and its collaboration partners are developing products for multiple therapeutic areas including diabetes, obesity, osteoporosis, 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 or a subsidiary to obtain additional funding; (ii) the ability of Nastech or a subsidiary to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of Nastech, a subsidiary and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Nastech, a subsidiary and/or a partner to obtain required governmental approvals; and (v) the ability of Nastech, a subsidiary and/or a partner 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 Pharmaceutical Company Inc.
Matthew D. Haines, Senior Director, Investor Relations
and Corporate Communications, 212-209-3874
ir@nastech.com
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