SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Costantino Henry R

(Last)

(First)

(Middle)

3830 MONTE VILLA PARKWAY

(Street)

BOTHELL

98021

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/04/2007

3. Issuer Name and Ticker or Trading Symbol
NASTECH PHARMACEUTICAL CO INC [ NSTK ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Scientific Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Nastech Pharmaceutical Company Inc Common Stock	369	D
Nastech Pharmaceutical Company Inc Common Stock	215⁽¹⁾	D
Nastech Pharmaceutical Company Inc Common Stock	304⁽²⁾	D
Nastech Pharmaceutical Company Inc Common Stock	1,434⁽³⁾	D
Nastech Pharmaceutical Company Inc Common Stock	582⁽⁴⁾	D
Nastech Pharmaceutical Company Inc Common Stock	2,733⁽⁵⁾	D
Nastech Pharmaceutical Company Inc Common Stock	5,000⁽⁶⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Nastech Pharmaceutical Company Inc Stock Options	⁽⁷⁾	⁽⁷⁾	Nastech Pharmaceutical Company Inc Common Stock	6,666	$10.24	D

Explanation of Responses:

1. On February 1, 2005, the reporting person was granted 645 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on February 1, 2006. Of the 645 restricted shares, 215 are unvested and the remainder have vested as of October 4, 2007.

2. On July 1, 2005, the reporting person was granted 912 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on July 1, 2006. Of the 912 restricted shares, 304 are unvested and the remainder have vested as of October 4, 2007.

3. On July 14, 2006, the reporting person was granted 2,151 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on July 14, 2007. Of the 2,151 restricted shares, 1,434 are unvested and the remainder have vested as of October 4, 2007.

4. On February 13, 2007, the reporting person was granted 582 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on February 13, 2008.

5. On July 2, 2007, the reporting person was granted 2,733 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on July 2, 2008.

6. On August 2, 2007, the reporting person was granted 5,000 restricted shares of common stock pursuant to the 2004 Stock Incentive Plan of Nastech Pharmaceutical Company Inc. The restricted shares vest in three equal annual installments, beginning on August 2, 2008.

7. On July 21, 2003, the reporting person was granted 20,000 nonqualified stock options to purchase shares of common stock pursuant to the 2000 Nonqualified Stock Option Plan of Nastech Pharmaceutical Company Inc. The options vested over three years as follows: 6,666 on July 21, 2004 and 6,667 on July 21, 2005 and 2006. Of these options, 13,334 have been exercised and 6,666 options are vested and outstanding as of October 4, 2007. The options expire on July 21, 2008.

Remarks:

	Bruce R. York /s/ Bruce R. York Attorney in Fact	10/09/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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