Ownership Submission
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, 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 *
  RA CAPITAL MANAGEMENT, LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
01/24/2007		 3. Issuer Name and Ticker or Trading Symbol
ARADIGM CORP [ARDM]
(Last)
(First)
(Middle)
111 HUNTINGTON AVENUE, SUITE 610, 		 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 Original Filed(Month/Day/Year)
(Street)

BOSTON, MA 02199		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
RA CAPITAL MANAGEMENT, LLC
111 HUNTINGTON AVENUE, SUITE 610
BOSTON, MA 02199		     X    
ALDRICH RICHARD
C/O RA CAPITAL MANAGEMENT, LLC
111 HUNTINGTON AVENUE, SUITE 610
BOSTON, MA 02199		     X    
Kolchinsky Peter
C/O RA CAPITAL MANAGEMENT, LLC
111 HUNTINGTON AVENUE, SUITE 610
BOSTON, MA 02199		     X    
RA Capital Biotech Fund LP
C/O RA CAPITAL MANAGEMENT, LLC
111 HUNTINGTON AVENUE, SUITE 610
BOSTON, MA 02199		     X    

Signatures

/s/ Peter Kolchinsky, Manager of RA Capital Management LLC, General Partner of RA Capital Biotech Fund, L.P. 02/05/2007
**Signature of Reporting Person Date
/s/ Peter Kolchinsky 02/05/2007
**Signature of Reporting Person Date
/s/ Richard Aldrich 02/05/2007
**Signature of Reporting Person Date
/s/ Richard Aldrich, Manager of RA Capital Management, LLC 02/05/2007
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

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