Armata Pharmaceuticals, Inc. — Director's Dealing 2004

May 24, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGETED GENETICS CORP /WA/ (TGEN)
CIK: 0000921114
Period of Report: 2004-05-20

Reporting Person: PARKER H STEWART (Director, President & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-20	Employee Stock Option (right to buy)	$1.3100	A	200000.0000	Acquired	2014-05-20	Common Stock (200000.0000)	Direct

Footnotes

F1: Such option vests and is exercisable 6.25% quarterly, commencing 8/20/04, with 100% vested and exercisable on 5/20/08.

F2: Price is not applicable.