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: LACASSE LOUIS P (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-26	Stock Option (right to buy)	$0.91	A	25000	Acquired	2015-05-26	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1450185	Indirect

Footnotes

F1: Represents shares held by GeneChem Technologies Venture Fund L.P. ("GeneChem"). The reporting person is president of GeneChem Management, Inc., the manager of GeneChem, and thereby has power to vote the securities held by GeneChem; however, the reporting person disclaims beneficial ownership of such shares.

F2: Such option is 100% vested and exercisable on May 26, 2006, subject to the provision of continued service by the optionee to the issuer.

F3: Price is not applicable.