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 Pharmaceuticals I LP
  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)
PILLAR INVEST OFFSHORE SAL, STARKO CTR,, BLOC B, 3RD FLR, OMAR DAOUK ST
3. Date of Earliest Transaction (Month/Day/Year)
02/06/2014
(Street)

BEIRUT, M8 2020-3313
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 (1) 02/06/2014   C(2)   6,266,175 A (2) 6,266,175 I See Footnotes (1) (3)
Common Stock (4) (5)               13,040,368 I See Footnotes (4) (5)
Common Stock (6)               586,101 D  

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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
Series D Convertible Preferred Stock (1) 02/06/2014   C(2)     1,124,260   (2)   (2) Common Stock 6,266,175 (2) 0 I See Footnote (1)

Reporting Owners

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

Signatures

 Pillar Pharmaceuticals I L.P., /s/ Youssef El Zein, Authorized Signatory   02/10/2014
**Signature of Reporting Person Date

 Pillar Invest Corporation, /s/ Youssef El Zein, Authorized Signatory   02/10/2014
**Signature of Reporting Person Date

 /s/ Youssef El Zein   02/10/2014
**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 of Common Stock are held directly by Pillar Pharmaceuticals I LP ("Pillar I"). Pillar Invest Corporation ("Pillar GP") is the general partner of Pillar I. 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 I.
(2) On February 6, 2014, Pillar converted 1,124,260 shares of Series D Convertible Preferred Stock, on a 1-for-5.5736 basis, into 6,266,175 shares of Common Stock.
(3) Youssef El Zein is a director and controlling stockholder of Pillar GP and serves as the representative of Pillar I and Pillar GP on the Issuer's board of directors. Mr. El Zein disclaims Section 16 beneficial ownership of the shares held by Pillar I and this report shall not be deemed an admission that he is the beneficial owner of any such securities, except to the extent of his pecuniary interest therein, if any, by virtue of his ownership interest in Pillar GP.
(4) As of the date hereof, (i) 2,600,000 shares of Common Stock are held directly by Pillar Pharmaceuticals III, L.P. ("Pillar III"), of which Pillar GP is the general partner, (ii) 3,329,032 shares of Common Stock are held directly by Participations Besancon ("Besancon"), a fund advised by Pillar GP, (iii) 845,161 shares of Common Stock are held directly by Pillar Pharmaceuticals IV, L.P., of which Pillar GP is the general partner and (iv) 6,266,175 shares of Common Stock resulting from the conversion of Series D Convertible Preferred Stock described in footnote 1 are held by Pillar I. Pillar GP disclaims Section 16 beneficial ownership of the shares of Common Stock held by Pillar III, Besancon and Pillar IV and this report shall not be deemed an admission that Pillar GP is the Section 16 beneficial owner of any such securities,
(5) (Continued footnote from 4)except to the extent of its pecuniary interest therein, if any, by virtue of its general partner interest in Pillar III and Pillar IV and fees payable to Pillar GP in its capacity as investment advisor to Besancon.
(6) As of the date hereof, Mr. El Zein owns directly 586,101 shares of Common Stock.
 
Remarks:
Exhibit List:
Exhibit 99 - Joint Filer Information

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