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Filing Details

Accession Number:: 0000899243-20-033917
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2020-12-15 18:00:14
Reporting Period:: 2020-12-11

Accepted Time:: 2020-12-15 18:00:14
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
861838	Idera Pharmaceuticals Inc.	IDRA	Biological Products, (No Disgnostic Substances) (2836)	043072298

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1193366	El Youssef Zein	Pillar Invest Offshore Sal Starco Ctr, Bloc B, 3Rd Floor, Omar Daouk Street Beirut M8 2020-3313	No	No	Yes	No
1534428	Pillar Invest Corp	Pillar Invest Offshore Sal Starco Ctr, Bloc B, 3Rd Floor, Omar Daouk Street Beirut M8 2020-3313	No	No	Yes	No
1783582	Abude Umari	Pillar Invest Offshore Sal Starco Ctr, Bloc B, 3Rd Floor, Omar Daouk Street Beirut M8 2020-3313	No	No	Yes	No
1783583	Pillar Partners Foundation, L.p.	Pillar Invest Offshore Sal Starco Ctr, Bloc B, 3Rd Floor, Omar Daouk Street Beirut M8 2020-3313	No	No	Yes	No
1783584	Pillar Pharmaceuticals 6, L.p.	Pillar Invest Offshore Sal Starco Ctr, Bloc B, 3Rd Floor, Omar Daouk Street Beirut M8 2020-3313	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2020-12-11	69,941	$1.82	5,497,638	No	4	P	Indirect	By Pillar Partners Foundation, L.P.See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Pillar Partners Foundation, L.P.See Footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Prefunded Warrants	Acquisiton	2020-12-11	1,143,428	$0.00	1,143,428	$0.00
Common Stock	Prefunded Warrants	Acquisiton	2020-12-11	1,533,883	$0.00	1,533,883	$0.00
Common Stock	Common Warrants	Acquisiton	2020-12-11	606,885	$0.00	606,885	$0.00
Common Stock	Common Warrants	Acquisiton	2020-12-11	766,941	$0.00	766,941	$0.00

Remaning Holdings	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
1,143,428	No	4	P	Indirect
1,533,883	No	4	P	Indirect
606,885	No	4	P	Indirect
766,941	No	4	P	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	1,288,368	Indirect	By Pillar Pharmaceuticals 6, L.P.See Footnotes
Common Stock	26,308	Indirect	By Youssef El ZeinSee Footnote
Common Stock	198,510	Indirect	By Abude UmariSee Footnotes

Footnotes

On April 7, 2020, Idera Pharmaceuticals, Inc. (the "Company") entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with Pillar Partners Foundation, L.P. ("Pillar Foundation") providing for the sale of securities in two closings exempt from the registration requirements of the Securities Act of 1933, as amended. On December 11, 2020, the Company entered into an amendment (the "Amendment") to the Securities Purchase Agreement and the Registration Rights Agreement, dated April 7, 2020, with Pillar Foundation (the "Registration Rights Agreement") and Pillar Pharmaceuticals 6, L.P. ("Pillar 6" and, collectively with Pillar Foundation, the "Purchasers"), principally to enable Pillar 6 to participate in the Second Closing (as defined below). Pursuant to the Stock Purchase Agreement and Amendment, on December 11, 2020, the Company issued and sold to the Purchasers, for $5.0 million of aggregate consideration (the "Second Closing"),
(Continued from footnote 1) (i) 69,941 shares of Common Stock ("Second Closing Shares"), (ii) pre-funded warrants to purchase up to 2,677,311 shares of Common Stock ("Second Closing Pre-Funded Warrants"), and (iii) common warrants to purchase up to 1,373,626 shares of Common Stock ("Second Closing Common Warrants"). Each Second Closing Share and the associated 0.5 Second Closing Common Warrant had a combined purchase price of $1.82 and each Pre-Funded Warrant and the 0.5 associated Second Closing Common Warrant had a combined purchase price of $1.81. Each combined purchase price included $0.125 for each share of Common Stock underlying each Second Closing Common Warrant.
Pillar Invest Corporation ("Pillar GP") is the general partner of Pillar 6 and Pillar Foundation (collectively, the "Pillar Funds"). Youssef El Zein and Abude Umari are directors of Pillar GP. Each of Pillar GP, Mr. El Zein and Mr. Umari disclaims Section 16 beneficial ownership of the securities beneficially owned by the Pillar Funds and this report shall not be deemed an admission that any of Pillar GP, Mr. El Zein or Mr. Umari is the Section 16 beneficial owner of any such securities, except to the extent of its or his pecuniary interest therein, if any, by virtue of its or his ownership interest in the Pillar Funds or Pillar GP, as applicable.
The exercise price of each Prefunded Warrant is $0.01 per Share, subject to adjustment pursuant to the terms of the Prefunded Warrants.
The Pre-funded warrants have no expiration date and are exercisable immediately, to the extent that after giving effect to such exercise the holders thereof and their affiliates would beneficially own, for purposes of Rule 13d-3 under the Securities Act of 1934, as amended, no more than 19.99% of the outstanding shares of Common Stock (the "Beneficial Ownership Limitation").
The exercise price of each Common Warrant is $2.71 per share, subject to adjustment pursuant to the terms of the Common Warrants.
The Common Warrants are currently exercisable; provided, however, that the Common Warrants are subject to the Beneficial Ownership Limitation. The Common Warrants expire 3 years following their issuance date.