This paragraph describes two sets of appx 20mm warrants, each exercisable at a different price - but fundamentally pre-paid.
The other significant shareholder is Pillar Investments, which has representation on the IDRA board, and which is operating under a similar (4.9%-19.99% voting rights limits) agreement with the company regarding their holdings.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125-14-035495.txt&FilePath=\2014\02\05\&CoName=IDERA+PHARMACEUTICALS%2C+INC.&FormType=8-K&RcvdDate=2%2F5%2F2014&pdf=
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