I think so - just made another one, same thing "no acknowledge from target device".
I am using a prolific USB-Serial adapter (that came with the programming / commissioning cable for the 304k200) and have HMI8 to PC3 and HMI7 to PC2.
I reset the device a few times. I even tried a different usb-serial adapter, still no joy. I don't recall there ever being an issue with this device, and it had a program in it prior to me resetting it.
I am going to go verify the cable with a meter, but it looks pretty good...