Nastech Pharmaceutical Company Inc. Reschedules Conference Call To Discuss Reacquisition Of PYY3-36 For The Treatment Of Obesity From Merck & Co., Inc.

BOTHELL, Wash., March 2 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. , a leader in developing therapeutics using advanced molecular biology based drug delivery technologies, announced today that it will hold a conference call on Friday, March 3, 2006, at 8:30 a.m. Eastern Time to discuss its reacquisition of PYY3-36 for the treatment of obesity from Merck & Co., Inc.

Conference Call and Webcast Information

Nastech management will host a conference call to discuss its development plans for PYY. The call is scheduled for tomorrow, Friday, March 3, 2006, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). To participate in the live conference call, U.S. residents should dial (866) 356-3095 and international callers should dial (617) 597-5391. The access code for the live conference call is 18865669. To access the 24-hour telephone replay, U.S. residents should dial (888) 286-8010 and international callers should dial (617) 801-6888. The access code for the replay is 65648020. Alternatively, log on to http://www.nastech.com to access a live webcast or the subsequent 30-day archive. Please connect to the Investor section of Nastech's website several minutes prior to the start of the live conference call to ensure adequate time for any software download that may be necessary.

About Nastech

We are a pharmaceutical company developing innovative products based on proprietary molecular biology-based drug delivery technologies. We and our collaboration partners are developing products for multiple therapeutic areas including respiratory disease, inflammatory conditions, obesity and osteoporosis. 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 Pharmaceutical Company Inc. Nastech Ed Bell Senior Investor Relations Manager (425) 908-3639 ir@nastech.com Noonan Russo Matthew Haines (Investors/Media) (212) 845-4235

Nastech Pharmaceutical Company Inc.

CONTACT: Ed Bell, Senior Investor Relations Manager of NastechPharmaceutical Company Inc., +1-425-908-3639, ir@nastech.com; or MatthewHaines of Noonan Russo, +1-212-845-4235, for Nastech Pharmaceutical CompanyInc.

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