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 *
AGRAWAL SUDHIR
   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 _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO, President & CSO
(Last)
(First)
(Middle)
C/O IDERA PHARMACEUTICALS, INC., 167 SIDNEY STREET		 3. Date of Earliest Transaction (Month/Day/Year)
12/22/2008
(Street)

CAMBRIDGE, MA 02139		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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 12/22/2008   S(1)   1,300 D $ 7.4054 (2) 140,177 D  
Common Stock 12/22/2008   S(1)   1,500 D $ 8.3833 (3) 138,677 D  
Common Stock 12/23/2008   S(1)   1,500 D $ 7.5687 (4) 137,177 D  
Common Stock 12/24/2008   S(1)   4,285 D $ 7.4814 (5) 132,892 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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
AGRAWAL SUDHIR
C/O IDERA PHARMACEUTICALS, INC.
167 SIDNEY STREET
CAMBRIDGE, MA 02139		   X     CEO, President & CSO  

Signatures

 Sudhir Agrawal   12/24/2008
**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) The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 21, 2008, and as subsequently amended. The proceeds of such sales are to be used to exercise expiring stock options and applicable taxes associated with the exercise of the options and the sale of the shares under the plan. There will be no additional transactions entered into pursuant to the reporting person's 10b5-1 trading plan after December 24, 2008 since the 10b5-1 trading plan has been completed. The reporting person hereby undertakes to provide upon request by the staff of the Securities and Exchange Commission, the issuer or a shareholder of the issuer full information regarding the number of shares sold at each separate price.
(2) Represents the sale of 1,300 shares in 13 separate transactions, ranging from $7.18 to $7.64 per share, resulting in a weighted average sale price per share of $7.4054.
(3) Represents the sale of 1,500 shares in 7 separate transactions, ranging from $8.18 to $8.45 per share, resulting in a weighted average sale price per share of $8.3833.
(4) Represents the sale of 1,500 shares in 10 separate transactions, ranging from $7.50 to $7.66 per share, resulting in a weighted average sale price per share of $7.5687.
(5) Represents the sale of 4,285 shares in 13 separate transactions, ranging from $7.43 to $7.56 per share, resulting in a weighted average sale price per share of $7.4814.

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