Armata Pharmaceuticals, Inc. — Director's Dealing 2007

May 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGETED GENETICS CORP /WA/ (TGEN)
CIK: 0000921114
Period of Report: 2007-05-17

Reporting Person: CARTER BARRIE J PHD (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-17	Common Stock	A	35000	$0.00	Acquired	48766	Direct

Footnotes

F1: These shares represent a grant of restricted stock units that vest in three substantially equal installments on each of May 17, 2008, May 17, 2009 and May 17, 2010, so long as the reporting person is providing services to the issuer on such dates, which vesting will be accelerated upon the occurence of certain events.

F2: Such amount reflects a 10-for-1 reverse stock split effected May 10, 2006.