SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person* RA CAPITAL MANAGEMENT, LLC (Last) (First) (Middle) 111 HUNTINGTON AVENUE, SUITE 610 (Street) BOSTON MA 02199 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/24/2007	3. Issuer Name and Ticker or Trading Symbol ARADIGM CORP [ ARDM ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	6,355,000	I	See Footnotes(1)(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* RA CAPITAL MANAGEMENT, LLC (Last) (First) (Middle) 111 HUNTINGTON AVENUE, SUITE 610 (Street) BOSTON MA 02199 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* ALDRICH RICHARD (Last) (First) (Middle) C/O RA CAPITAL MANAGEMENT, LLC 111 HUNTINGTON AVENUE, SUITE 610 (Street) BOSTON MA 02199 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Kolchinsky Peter (Last) (First) (Middle) C/O RA CAPITAL MANAGEMENT, LLC 111 HUNTINGTON AVENUE, SUITE 610 (Street) BOSTON MA 02199 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* RA Capital Biotech Fund LP (Last) (First) (Middle) C/O RA CAPITAL MANAGEMENT, LLC 111 HUNTINGTON AVENUE, SUITE 610 (Street) BOSTON MA 02199 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. These shares are directly owned by RA Capital Biotech Fund, L.P. (the "Fund"), which is a Reporting Person.

2. As the general partner of the Fund, RA Capital Management, LLC (the "Manager") may be deemed to be the beneficial owner of the securities held by the Fund. In addition, Richard H. Aldrich and Peter Kolchinsky, as the sole managers of RA Capital Management, LLC, may be deemed to be beneficial owners of the securities held by the Fund. Each of the Manager, Richard H. Aldrich and Peter Kolchinsky disclaims beneficial ownership of such shares except to the extent of his or its pecuniary interest therein, if any.

	/s/ Peter Kolchinsky, Manager of RA Capital Management LLC, General Partner of RA Capital Biotech Fund, L.P.	02/05/2007
	/s/ Peter Kolchinsky	02/05/2007
	/s/ Richard Aldrich	02/05/2007
	/s/ Richard Aldrich, Manager of RA Capital Management, LLC	02/05/2007
	** 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 5 (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).
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