Pillar Pharmaceuticals I Form 4 IDERA PHARMACEUTICALS / YOUSSEF EL ZEIN ownership change

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pillar Invest Corp

(Last) (First) (Middle)

C/O IDERA PHARMACEUTICALS, INC.

167 SIDNEY STREET

(Street)

CAMBRIDGE MA 02139

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2017

4. If Amendment, Date of 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

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	05/01/2017		S		41,578	D	$2.2591(1)(2)	0(3)	I	See footnotes(3)(5)
Common Stock	05/01/2017		S		409,237	D	$2.2591(1)(2)	0(4)	I	See footnotes(4)(5)
Common Stock	05/01/2017		X		409,237	A	$0.00	0(6)	I	See footnotes(5)(6)

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 Securities Underlying Derivative Security (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: 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	$0.7	05/01/2017		X			409,237	11/09/2012	11/09/2017	Common Stock	409,237	$0.00	4,624,824	I	See footnotes(5)(6)

1. Name and Address of Reporting Person^*

Pillar Invest Corp

(Last) (First) (Middle)

C/O IDERA PHARMACEUTICALS, INC.

167 SIDNEY STREET

(Street)

CAMBRIDGE MA 02139

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Pillar Pharmaceuticals I LP

(Last) (First) (Middle)

PILLAR INVEST OFFSHORE SAL, STARCO CTR,

BLOC B, 3RD FLOOR, OMAR DAOUK STREET

(Street)

BEIRUT M8 2020-3313

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Pillar Pharmaceuticals II, L.P.

(Last) (First) (Middle)

PILLAR INVEST OFFSHORE SAL, STARCO CTR,

BLOC B, 3RD FLOOR, OMAR DAOUK STREET

(Street)

BEIRUT M8 2020-3313

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

ZEIN YOUSSEF EL

(Last) (First) (Middle)

PILLAR INVEST OFFSHORE SAL, STARCO CTR,

BLOC B, 3RD FLOOR, OMAR DAOUK STREET

(Street)

BEIRUT M8 2020-3313

(City) (State) (Zip)

Explanation of Responses:

1. The sales reported in this Form 4 were made pursuant to a Rule 10b5-1 plan adopted by the Reporting Persons.

2. The shares sold on this date were sold in multiple transactions. This price is the weighted average sales price per share of all shares sold on this date; the actual sale prices per share range from $2.25-$2.355. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.

3. Shares sold by Pillar Pharmaceuticals I, L.P. ("Pillar I"), of which Pillar Invest Corporation ("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 2,090,125 shares of common stock of the Issuer.

4. 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 6,135,132 shares of common stock of the Issuer.

5. Youssef El Zein is a director and controlling stockholder of Pillar GP and serves as the representative of a Pillar I, Pillar II 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 and Pillar II 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 528,538 shares of common stock of the Issuer.

6. Warrants beneficially owned and exercised for shares of common stock by Pillar II. Pillar GP disclaims Section 16 beneficial ownership of the 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.

Remarks:

	Pillar Invest Corporation, /s/ Youssef El Zein, Authorized Person	05/03/2017
	/s/ Youssef El Zein	05/03/2017
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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