Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Pillar Pharmaceuticals I LP
 2. Date of Event Requiring Statement (Month/Day/Year)
11/04/2011		 3. Issuer Name and Ticker or Trading Symbol
IDERA PHARMACEUTICALS, INC. [IDRA]
(Last)
(First)
(Middle)
PILLAR INVEST OFFSHORE SAL STARCO CTR, BLOC B, 3RD FLR, OMAR DAOUK ST		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BEIRUT, M8 2020-3313		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants 11/04/2011 11/04/2016 Common Stock 2,810,650 $ 1.6275 I See Footnote (1)
Series D Convertible Preferred Stock   (2)   (2) Common Stock (2) $ (2) I See Footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Pillar Pharmaceuticals I LP
PILLAR INVEST OFFSHORE SAL STARCO CTR
BLOC B, 3RD FLR, OMAR DAOUK ST
BEIRUT, M8 2020-3313		   X   X    
Pillar Invest Corp
PILLAR INVEST OFFSHORE SAL STARCO CTR
BLOC B, 3RD FLR, OMAR DAOUK ST
BEIRUT, M8 2020-3313		   X   X    

Signatures

Pillar Pharmaceuticals I LP, /s/ Youssef El Zein, Authorized Signatory 11/14/2011
**Signature of Reporting Person Date
Pillar Invest Corporation, /s/ Youssef El Zein, Authorized Signatory 11/14/2011
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Pillar Pharmaceuticals I LP ("Pillar") directly owns the shares of Series D Convertible Preferred Stock and the warrants (together, the "Securities"). Pillar Invest Corporation ("Pillar GP") is the general partner of Pillar. Pillar GP disclaims beneficial ownership of the Securities, except to the extent of its pecuniary interest, if any, in the Securities by virtue of its general partner interest in Pillar.
(2) The Series D Convertible Preferred Stock is convertible at any time, at the holder's election, on a 1-for-5 basis (subject to adjustment and certain other limitations on conversion), into shares of Common Stock and does not have an expiration date.
 
Remarks:
Youssef El Zein is a director and controlling stockholder of Pillar GP and serves as the representative of Pillar on the Issuer's board
of directors.

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