EXHIBIT 99.1

FOR IMMEDIATE RELEASE

   NASTECH ACQUIRES RNAI THERAPEUTICS PROGRAM TARGETING INFLUENZA FROM GALENEA

 Exclusive Rights to Leading Technology and Intellectual Property to Develop
            RNAi Therapeutics for Influenza and Respiratory Diseases

BOTHELL, WASH., FEBRUARY 23, 2006 - Nastech Pharmaceutical Company Inc. (Nasdaq:
NSTK), a leader in developing therapeutics using advanced molecular biology
based drug delivery technologies, announced today the expansion of its RNAi
therapeutics pipeline by initiating an RNAi therapeutics program targeting
influenza and respiratory diseases. In connection with this new program, Nastech
also announced the acquisition of the RNAi intellectual property estate and
other RNAi technologies of Galenea Corp., Cambridge, MA, which includes certain
intellectual property licensed from the Massachusetts Institute of Technology
(MIT) for the development of RNAi therapeutics against respiratory viral
infections, including influenza, rhinovirus, and other respiratory diseases.
Financial terms of the transaction were not disclosed.

"This unique combination of Nastech's proprietary RNAi therapeutics delivery
technologies with the intellectual property and technology developed by Galenea
and MIT advances Nastech's position in developing innovative RNAi therapeutics.
This acquisition strengthens Nastech's existing RNAi therapeutics pipeline
through the addition of Galenea's ongoing programs that target influenza and
other respiratory diseases," stated Steven C. Quay, M.D., Ph.D., Chairman,
President and CEO of Nastech. "The RNAi therapeutics program targeting the
influenza virus is a high priority for Nastech as we believe it may offer an
effective treatment for a future influenza pandemic, which is an urgent global
concern. This program complements Nastech's current TNF-alpha RNAi program
targeting inflammation, since a consequence of influenza infection can be
life-threatening respiratory and systemic inflammation. The strategic
acquisition of Galenea's intellectual property rights and technology in the
respiratory antiviral field is critical to developing and partnering products in
this area."

The intellectual property acquired from Galenea includes patent applications
licensed from MIT that have early priority dates in the antiviral RNAi field.
Nastech also acquired Galenea's research and intellectual property relating to
pulmonary drug delivery technologies. Additionally, Nastech assumes Galenea's
pending grant applications from the National Institute of Allergy and Infectious
Diseases, a division of the National Institutes of Health, and the Department of
Defense to support the development of RNAi-based antiviral drugs.





Galenea's lead RNAi product, G00101, has demonstrated efficacy against multiple
influenza strains, including avian flu strains (H5N1) in animals. Nastech
expects to work closely with the NIH, CDC and FDA to accelerate G00101
development given the urgent need for influenza therapeutics. G00101 represents
a first-in-class approach to fight influenza and is one of the most advanced
anti-influenza compounds based on the recently discovered cellular mechanism
known as small-interfering ribonucleic acid (siRNA). It is currently
administered by inhalation to maximize delivery to the lung epithelium. The
product is designed for ease of use by patients and for long-term stability--
essential for stockpiling the product for rapid mobilization during a flu
epidemic. G00101 works by preventing viral replication and transcription in the
airway epithelium. In vitro and in vivo studies have shown that these RNAi
sequences provide broad-spectrum influenza protection and have reduced potential
of drug resistance.

"It is anticipated that Nastech's RNAi delivery technology combined with the MIT
intellectual property and the Galenea RNAi technology will provide a superior
strategy to significantly speed the development of these promising new
approaches for treating respiratory diseases, including influenza," said Jianzhu
Chen, Ph.D., Professor of Immunology at MIT and developer of the acquired RNAi
antiviral technology, who will become a consultant to Nastech. "The development
of RNAi therapeutics targeting sequences that are highly conserved across all
flu genomes, including avian and others having pandemic potential, represents a
novel approach to the development of new therapies against influenza viruses."

ABOUT INFLUENZA

According to the World Health Organization (WHO), in a typical year, influenza
infects 5 - 15% of the world's population, resulting in 250,000 to 500,000
deaths. The WHO and the Centers for Disease Control and Prevention are concerned
about the potential for a major global pandemic such as the 1918 "Spanish flu"
in which up to 50 million people may have died worldwide. Pandemic flu emerges
from a sudden change in the influenza virus that results in a new flu strain,
against which there is no immunity. Vaccines currently represent the mainstay of
flu prevention, but vaccines have two key limitations. First, they are developed
against individual, known strains of flu and therefore may not be effective
against new flu strains. Second, vaccines are produced using a lengthy process
requiring incubation in chicken eggs, thus vaccine against a new flu strain will
take months or years to stockpile. Antiviral medications approved to treat
influenza have the potential drawback that influenza virus strains can become
resistant to one or more of these medications. The potential advantage of RNAi
antiviral therapeutics is that RNAi can be targeted against the so-called
"conserved region" of the influenza virus. This means that an RNAi therapeutic
would be expected to be effective against all strains of flu, whether new or
old. Therefore stockpiling of an effective RNAi treatment is possible in advance
of a global influenza pandemic. In addition to a potential role in a pandemic
flu outbreak, RNAi therapeutics could serve as a treatment for the more common
seasonal flu which as noted above can result in hospitalization and death.





ABOUT RNA INTERFERENCE (RNAI)

RNA interference, or RNAi, is a cellular mechanism that can be used to turn off
the production of a protein. In the case of an RNAi directed against influenza,
the target is one or more proteins critical for the virus' replication. By
turning off the production of such proteins, the spread of infection is
prevented or slowed. Nastech's RNAi research and development programs seek to
develop safe and effective therapeutics by identifying key protein targets,
designing the RNAi that will turn those proteins off, and developing a
formulation for the systemic delivery of this potential new class of
therapeutics.

Dr. Chen and his co-authors have published a series of papers about their RNAi
antiviral work, including recent papers in the Proceedings of the National
Academy of Sciences in March 2003 and June 2004.

CONFERENCE CALL AND WEBCAST INFORMATION

Nastech management will host a conference call to discuss its RNAi therapeutic
programs and the acquisition of RNAi related assets from Galenea. The call is
scheduled for today, February 23, 2006, at 10:00 a.m. Eastern Time (7:00 a.m.
Pacific Time). To participate in the live conference call, U.S. residents should
dial (800) 299-0148 and international callers should dial (617) 801- 9711. The
access code for the live conference call is 26749217. 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 45140729.

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
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.

ABOUT GALENEA CORP.

Galenea Corp. is an emerging biotechnology company dedicated to enhancing and
saving lives through the discovery of novel therapies for central nervous system
and respiratory diseases. Founded in 2004 based upon technology developed by
Drs. Jianzhu Chen, Susumu Tonegawa and David Gerber of the Massachusetts
Institute of Technology and Dr. Maria Karayiorgou of the Rockefeller University,
Galenea is focusing initially on utilizing proprietary technologies to generate
calcineurin-related treatments for schizophrenia. Galenea is based in Cambridge,
Massachusetts.

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