FOR IMMEDIATE RELEASE

NASTECH ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

BOTHELL, WA, April 21, 2004 - Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) today announced a net loss of $7.6 million or $0.64 per share for the quarter ended March 31, 2004, compared to a net loss of $2.9 million or $0.29 per share for the first quarter of 2003. The increased net loss compared to the prior year resulted primarily from a $2.2 million decrease in revenue and $2.6 million growth in operating expenses, primarily related to research and development. The decrease in revenue included a $1.3 million decrease in license and research fees. Product revenue for the quarter decreased $890,000 due to the sale of Nascobal in June 2003, and as a result the related cost of goods sold and sales and marketing expense decreased $81,000 and $693,000, respectively. Research and development expense increased $3.0 million due to increased clinical program activities for our products under development.

Nastech ended the first quarter of 2004 with $19.2 million in cash, cash equivalents and investments compared to $25.1 million at December 31, 2003.

Significant progress in our Calcitonin, Apomorphine, and PYY Nasal Spray drug programs was achieved during the first quarter of 2004, stated Steven C. Quay, M.D., Ph.D., Chairman, President and Chief Executive Officer of Nastech. These achievements included FDA acceptance of our ANDA filing for Calcitonin and the NDA filing for Nascobal nasal spray, completion of a Phase II maximum tolerated dose study with Apomorphine, the initiation and successful completion of our Phase I-B study and initiation and completion of enrollment and dosing of our Phase I-C study with PYY. We look forward to reporting further progress in these programs.
 

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