Armata Pharmaceuticals, Inc. — Director's Dealing 2005

May 26, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGETED GENETICS CORP /WA/ (TGEN)
CIK: 0000921114
Period of Report: 2005-05-26

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-26	Employee Stock Option (right to buy)	$0.91	A	100000	Acquired	2015-05-26	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	211755	Direct

Footnotes

F1: Such option vests and is exercisable 6.25% quarterly, commencing August 26, 2005, with 100% vested and exercisable on May 26, 2009.

F2: Price is not applicable.