A study of the kinetics of the transformation of swine pepsinogen into pepsin under a variety of conditions has been made. The results show that the transformation as a whole is essentially autocatalytic in nature under all conditions.

Evidence is presented to show the existence of a compound intermediate between pepsinogen and pepsin. This compound was found to be a reversibly dissociable complex of pepsin and a low molecular weight inhibitor.

Some of the general properties of the intermediate compound and of the inhibitor have been examined.

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