Form 4 IDM PHARMA, INC. For: Sep 23 Filed by: PALO ALTO HEALTHCARE MASTER FUND, L.P. (10K)

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, 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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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^*

PALO ALTO HEALTHCARE MASTER FUND, L.P.

(Last)

(First)

(Middle)

C/O CITCO FUND SERVICES (BERMUDA) LTD., WASHINGTON MALL WEST, 2ND FL., 7 REID ST

(Street)

HAMILTON

HM 11

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
IDM PHARMA, INC. [IDMI]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2009

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	09/23/2009		U		2,931,029	D	$ 2.64	0	D ⁽¹⁾

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants (Right to buy)

$ 3.243

09/23/2009

265,256

02/21/2007

02/20/2012

Common Stock

265,256

⁽²⁾

D ⁽¹⁾

Warrants (Right to buy)

$ 4.06

09/24/2009

116,315

06/25/2007

06/25/2012

Common Stock

116,315

⁽²⁾

D ⁽¹⁾

1. Name and Address of Reporting Person^*

PALO ALTO HEALTHCARE MASTER FUND, L.P.

(Last)

(First)

(Middle)

C/O CITCO FUND SERVICES (BERMUDA) LTD., WASHINGTON MALL WEST, 2ND FL., 7 REID ST

(Street)

HAMILTON

HM 11

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

PALO ALTO HEALTHCARE FUND, L.P.

(Last)

(First)

(Middle)

470 UNIVERSITY AVENUE

(Street)

PALO ALTO

94301

(City)

(State)

(Zip)

Explanation of Responses:

1. Palo Alto Healthcare Master Fund, L.P. (the "Master Fund") held these securities directly on behalf of its investors. Palo Alto Healthcare Fund, L.P. is a limited partner in the Master Fund and, as such, indirectly held a portion of the Common Stock and Warrants reported on this Form 4 on behalf of its investors.

2. The Warrants held by the Master Fund were terminated in exchange for a cash payment equal to the Black-Scholes Value of such Warrants, calculated pursuant to the terms of such Warrants.

	Palo Alto Healthcare Master Fund, L.P., by Palo Alto Investors, LLC, General Partner, by Palo Alto Investors, Manager, by Mark Shamia, Chief Operating Officer	06/24/2009
	Palo Alto Healthcare Fund, L.P., by Palo Alto Investors, LLC, General Partner, by Palo Alto Investors, Manager, by Mark Shamia, Chief Operating Officer	06/24/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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