Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 Invest Corp
  2. Issuer Name and Ticker or Trading Symbol
IDERA PHARMACEUTICALS, INC. [IDRA]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O IDERA PHARMACEUTICALS, INC., 167 SIDNEY STREET
3. Date of Earliest Transaction (Month/Day/Year)
12/09/2014
(Street)

CAMBRIDGE, MA 02139
4. If Amendment, Date Original Filed(Month/Day/Year)
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/09/2014   S   500,000 D $ 0 0 (1) I See Footnotes (1) (6)
Common Stock 12/09/2014   S   569,231 D $ 0 0 (2) I See Footnotes (2) (6)
Common Stock 12/09/2014   S   156,538 D $ 0 0 (3) I See Footnotes (3) (6)
Common Stock 12/09/2014   S   113,846 D $ 0 0 (4) I See Footnotes (4) (6)
Common Stock 12/09/2014   S   85,385 D $ 0 0 (5) I See Footnotes (5) (6)
Common Stock 12/10/2014   S   216,028 D $ 0 0 (2) I See Footnotes (2) (6)
Common Stock 12/10/2014   S   59,408 D $ 0 0 (3) I See Footnotes (3) (6)
Common Stock 12/10/2014   S   43,206 D $ 0 0 (4) I See Footnotes (4) (6)
Common Stock 12/10/2014   S   32,404 D $ 0 0 (5) I See Footnotes (5) (6)
Common Stock 12/11/2014   S   438,836 D $ 0 0 (2) I See Footnotes (2) (6)
Common Stock 12/11/2014   S   120,680 D $ 0 0 (3) I See Footnotes (3) (6)
Common Stock 12/11/2014   S   87,767 D $ 0 0 (4) I See Footnotes (4) (6)
Common Stock 12/11/2014   S   65,825 D $ 0 0 (5) I See Footnotes (5) (6)
Common Stock 12/09/2014   X   500,000 A $ 0 0 (7) I See Footnotes (6) (7)
Common Stock 12/11/2014   C(9)   6,266,820 A (9) 0 (8) I See Footnotes (6) (8)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants $ 0.47 12/09/2014   X     500,000 05/07/2013 05/07/2018 Common Stock 500,000 $ 0 0 I See Footnotes (6) (7)
Series E Convertible Preferred Stock (8) 12/11/2014   C(9)     313,341   (9)   (9) Common Stock 6,266,820 (9) 0 I See Footnotes (8)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Pillar Invest Corp
C/O IDERA PHARMACEUTICALS, INC.
167 SIDNEY STREET
CAMBRIDGE, MA 02139
  X   X    
Pillar Pharmaceuticals I LP
PILLAR INVEST OFFSHORE SAL, STARCO CTR,
BLOC B, 3RD FLOOR, OMAR DAOUK STREET
BEIRUT, M8 2020-3313
  X   X    
Pillar Pharmaceuticals II, L.P.
PILLAR INVEST OFFSHORE SAL, STARCO CTR
BLOC B, 3RD FLOOR, OMAR DAOUK STREET
BEIRUT, M8 2020-3313
  X   X    
Pillar Pharmaceuticals III, L.P.
PILLAR INVEST OFFSHORE SAL STARCO CTR
BLOC B, 3RD FLOOR OMAR DAOUK STREET
BEIRUT, M8 2020-3313
  X   X    
Pillar Pharmaceuticals IV, L.P.
PILLAR INVEST OFFSHORE SAL STARCO CTR
BLOC B, 3RD FLOOR, OMAR DAOUK STREET
BEIRUT, M8 2020-3313
  X   X    
ZEIN YOUSSEF EL
PILLAR INVEST OFFSHORE SAL, STARCO CTR,
BLOC B, 3RD FLOOR, OMAR DAOUK STREET
BEIRUT, M8 2020-3313
  X   X    

Signatures

 Pillar Invest Corporation, /s/ Youssef El Zein, Authorized Person   12/11/2014
**Signature of Reporting Person Date

 /s/ Youssef El Zein   12/11/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) Shares sold by Participations Besancon ("Besancon"), a fund advised by Pillar Invest Corporation ("Pillar GP"). Pillar GP disclaims Section 16 beneficial ownership of the Besancon Warrants and the common stock underlying such warrants and this report shall not be deemed an admission that Pillar GP is the beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, resulting from fees payable to Pillar GP in its capacity as investment advisor to Besancon. As of the date hereof, Besancon owns directly 3,439,933 shares of common stock of the Issuer.
(2) Shares sold by Pillar Pharmaceuticals I, L.P. ("Pillar I"), of which Pillar GP is the general partner. Pillar GP disclaims Section 16 beneficial ownership of the securities beneficially owned by Pillar I and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, by virtue of its ownership interest in Pillar I. As of the date hereof, Pillar I owns directly 3,647,838 shares of common stock of the Issuer.
(3) Shares sold by Pillar Pharmaceuticals II, L.P. ("Pillar II"), of which Pillar GP is the general partner. Pillar GP disclaims Section 16 beneficial ownership of the securities beneficially owned by Pillar II and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, by virtue of its ownership interest in Pillar II. As of the date hereof, Pillar II owns directly 701,715 shares of common stock of the Issuer.
(4) Shares sold by Pillar Pharmaceuticals III, L.P. ("Pillar III"), of which Pillar GP is the general partner. Pillar GP disclaims Section 16 beneficial ownership of the securities beneficially owned by Pillar III and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, by virtue of its ownership interest in Pillar III. As of the date hereof, Pillar III owns directly 2,355,181 shares of common stock of the Issuer.
(5) Shares sold by Pillar Pharmaceuticals IV, L.P. ("Pillar IV"), of which Pillar GP is the general partner. Pillar GP disclaims Section 16 beneficial ownership of the securities beneficially owned by Pillar IV and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, by virtue of its ownership interest in Pillar IV. As of the date hereof, Pillar IV owns directly 661,547 shares of common stock of the Issuer.
(6) Youssef El Zein is a director and controlling stockholder of Pillar GP and serves as the representative of a Pillar I, Pillar II, Pillar III, Pillar IV and Pillar GP on the Issuer's board of directors. Mr. El Zein disclaims Section 16 beneficial ownership of the securities beneficially owned by Pillar I, Pillar II, Pillar III, Pillar IV and Besancon and this report shall not be deemed an admission that he is the beneficial owners of any such securities, except to the extent of his pecuniary interest therein, if any, by virtue of his ownership interest in Pillar GP. As of the date hereof, Mr. El Zein owns directly 586,101 shares of common stock of the Issuer.
(7) Warrants beneficially owned and exercised for shares of common stock by Besancon (the "Besancon Warrants"). Pillar GP disclaims Section 16 beneficial ownership of the Besancon Warrants and the common stock underlying such warrants and this report shall not be deemed an admission that Pillar GP is the beneficial owner of any such securities, except to the extent of its pecuniary interest therein, if any, resulting from fees payable to Pillar GP in its capacity as investment advisor to Besancon.
(8) Shares of Common Stock are held directly by Pillar II. Pillar GP disclaims beneficial ownership of the Securities and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities, except to the extent of its pecuniary interest, if any, in the Securities by virtue of its general partner interest in Pillar II.
(9) On December 11, 2014, Pillar II converted 313,341 shares of Series E Convertible Preferred Stock, on a 1-for-20 basis, into 6,266,820 shares of Common Stock.

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