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Nastech Pharmaceutical Company Initiates Plan for Corporate Restructuring and Will Concentrate on Phase 2 Clinical Programs
Date:11/13/2007

Company to Host Webcast and Conference Call

BOTHELL, Wash., Nov. 13 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. ("Nastech") (Nasdaq: NSTK) announced today its corporate restructuring initiatives aimed at reducing operating expenses and enhancing shareholder value. Nastech will seek to establish its subsidiary, MDRNA, Inc., as an independent, separately financed company as was announced today, and will concentrate on Phase 2 clinical and partnered programs as well as cost containment strategies for the near-term.

"The steps that Nastech is taking will better position the Company to achieve our near-term goals as well as reduce our operational expenses while ensuring that we retain our key capabilities for long-term growth," stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech. "The establishment of MDRNA as an independent company will better serve our shareholders by providing a structure that will help unlock the value of Nastech's RNAi assets as well as expedite the development of new therapeutics based on this exciting new technology. Furthermore, by having Nastech concentrate on our core drug delivery technologies and our most advanced clinical programs it will enable us to make the greatest progress with the resources that are available."

First, Nastech plans to concentrate its resources on its Phase 2 clinical development programs that are currently ongoing or planned including PYY3-36 Nasal Spray for obesity, Insulin Nasal Spray for type 2 diabetes, and PTH1-34 Nasal Spray for osteoporosis.

Secondly, as announced today, Nastech will move forward with the process of establishing MDRNA as an independent company. The new structure will giv
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SOURCE Nastech Pharmaceutical Company Inc.
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