Armata Pharmaceuticals, Inc. — Director's Dealing 2004

Apr 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGETED GENETICS CORP /WA/ (TGEN)
CIK: 0000921114
Period of Report: 2004-03-31

Reporting Person: ELAN CORP PLC (10% Owner)
Reporting Person: ELAN INTERNATIONAL SERVICES LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-31	Common Stock	C	4330000	$3.32	Acquired	12064882	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-31	Series B Convertible Exchangeable Preferred Stock	$3.32	C	12015	Disposed	1988-08-08	Common Stock (4993946)	Indirect

Footnotes

F1: These securities are or were beneficially owned indirectly by Elan Corporation, plc ("Elan") and directly by its wholly-owned subsidiary, Elan International Services, Ltd. ("EIS").

F2: On March 31, 2004, the Series B Convertible Exchangeable Preferred Stock and accrued and unpaid dividends thereon, was convertible into 4,993, 946 shares of Common Stock. EIS waived its right to receive upon conversion any shares of Common Stock of the Series B Convertible Exchangeable Preferred Stock and accrued and unpaid dividends thereon in excess of 4,330,000 shares.

F3: Immediately

F4: Not Applicable