Performance Determinants of Renewable Energy Companies

The purpose of this thesis is to identify the Performance Determinants (PD) of Renewable Energy (RE) companies. It analyzes the background of the RE industry while reflecting simultaneous developments in the fossil based industries. I divided the determinants into two groups: market level and firm level and established hypotheses based on the existing literature. Data from public companies was gathered to construct a Panel Data structure. This is then tested by using a Linear Regression with Fixed Effects model. The model specification was efficient at reflecting the analyzed phenomena. My results showed that both market level and firm level determinants are significant in the RE Industry but the firm level determinants had higher explanatory power (R2). The determinants' relationships were found to follow those from the manufacturing industry more than the utilities' industry. Out of the market level determinants Consumer Price Index (CPI), Interest Rates and Oil prices were significant. Out of the firm level determinants Debt to Assets, Net Investments, Cash flows from operations, Sales and Earnings Before Interests and Taxes (EBIT) were significant. I concluded that this information is valuable for key industry players as they can achieve their objectives faster by elaborating better strategies using these results.

Modelos empíricos de predição de perdas de rendimento da cultura de feijão em convivência com Brachiaria plantaginea

Três modelos empíricos foram comparados quanto à eficiência em predizer as perdas de rendimento (PRR) da cultura de feijão (Phaseolus vulgaris) devido à convivência desta com o capim-marmelada (Brachiaria plantaginea). A população de capim-marmelada foi descrita em termos de densidade (Npd), índice de área foliar relativa (Fpd) e cobertura relativa do solo (Spd). Os coeficientes dos modelos foram estimados a partir de dados obtidos com um experimento conduzido em área experimental da USP/ESALQ, de outubro de 1999 a janeiro de 2000, em Piracicaba-SP. O experimento foi delineado em blocos ao acaso, e os tratamentos em parcelas subdivididas, com três repetições. O tratamento de parcelas foi a época de semeadura da planta daninha (oito dias antes, no dia, cinco e dez dias depois da semeadura da cultura), e o de subparcelas, a densidade da planta daninha (0, 25, 50, 100 e 200 plantas m²). As perdas do rendimento de grãos de feijão em relação ao tratamento com densidade zero de B. plantaginea foram comparadas às preditas pelo ajuste dos dados aos modelos. Enquanto o modelo que tem Npd como variável não ajustou os dados devido às épocas de semeadura [PRR=0,0114.Npd/(1+0,0114. Npd), r²=0,03], aqueles que têm Fpd ou Spd como variável os ajustaram [PRR=6,27.Fpd/(1+5,27.F pd), r²=0,82; PRR=7,77.Spd/(1+6,77.S pd), r²=0,89]. A cobertura relativa do solo pela planta daninha, avaliada visualmente, é uma variável potencial para substituir o índice relativo de área foliar da planta daninha.

Aspectos fitossociológicos da comunidade de plantas daninhas na cultura do feijão sob diferentes sistemas de preparo do solo

Avaliou-se, neste trabalho, os efeitos de sistemas de preparo do solo: [(plantio direto (PD), arado de discos (AD), arado de aivecas (AA), grade aradora (GA), grade aradora+arado de discos (GA+AD) e grade aradora+arado de aivecas (GA+AA)] sobre a comunidade de plantas daninhas da cultura do feijão. Este experimento foi desenvolvido em área onde os diferentes sistemas de preparo do solo estavam sendo avaliados desde 1985. Todavia, os resultados aqui apresentados são referentes apenas à safra 2000/2001. Neste ensaio, as parcelas foram subdivididas pela aplicação ou não de herbicidas em pós-emergência. As plantas daninhas presentes na área experimental foram separadas por espécie, classificadas, secadas e pesadas, sendo analisadas segundo a sua importância relativa dentro da comunidade, através dos índices fitossociológicos de densidade, freqüência e dominância. A aplicação de herbicidas em pós-emergência diminuiu a biomassa total das plantas daninhas, e esse efeito foi independente do sistema de preparo. Os sistemas de preparo do solo e a aplicação de herbicida em pós-emergência alteraram a importância relativa das plantas daninhas dentro da comunidade. As espécies que apresentaram maior importância foram Cyperus rotundus, nos tratamentos com preparo convencional do solo, e Galinsoga parviflora, no plantio direto.

Pankkien nykysääntelyn vaikutukset pk-yritysten rahoitukseen : empiirinen tutkimus konkurssiriskin ja vakuuden vaikutuksista luotonantopäätökseen

Pankkialan sääntely on viime vuosina lisääntynyt. Pankkisääntelyn keskeisimpänä ohjenuorana toimiva Basel-sääntelykehikko asettaa pankeille minipääomavaatimuksia, joiden tarkoituksena on säilyttää pankkitoiminta terveellä pohjalla ja parantaa pankkien tappionsietokykyä. Sääntelyn varjopuolena on kuitenkin pankkien vakavaraisuuden nostamisesta seuraava luotonleikkaus, joka vaikuttaisi kohdistuvan terävimmin pieniin ja keskisuuriin yrityksiin – yrityksiin, jotka rahoittavat valtaosan toiminnastaan velkarahalla. Pelkkä yleinen luotonannon vähentäminen ei kuitenkaan suoraan selitä, miksi juuri pk-yritykset ovat leikkausten kohteena, sillä luotonannon vähentyessä lainattavan potin jakaminen pienempiin osiin – pienemmiksi luotoiksi – saa rahat riittämään useammalle, jolloin myös pankin luottosalkku on hajautetumpi. On siten oltava jokin muu syy, miksi lähtökohtaisesti pienempiä luottoja hakevat pk-yritykset eivät saa pankkilainaa. Tutkielmassa tarkastellaan pankkien nykysääntelyn vaikutusta pk-yritysten lainansaantiin. Basel-säännöstön asettamat minipääomavaatimukset vaikuttavat pankkien luotonmyöntöpäätöksiin luotolle laskettavan riskipainon kautta. Riskipainoon vaikuttaa kaksi ulkoista tekijää, vastapuolen konkurssin todennäköisyys (Probability of Default, PD) sekä luotolle myönnettävä vakuus. Tutkielmassa luodaan malli pk-yrityksen konkurssiriskin estimoimiseksi logistisella regressioanalyysillä. Malli luodaan, jotta tutkielmaan kerätyn aineiston yrityksien riskiprofiileja olisi mahdollista tarkastella. Aineistoon on kerätty Voitto + -tietokannasta 116 yrityksen tilinpäätökset sekä tunnusluvut, joiden pohjalta konkurssiriskiä tutkitaan, ja vakuudeksi riittävän omaisuuden määrää tarkastellaan. Riskipainon määräytymistä tarkastellaan kahdeksan aineistosta valitun esimerkkiyrityksen avulla ja koko aineiston pohjalta luodaan katsaus varsinaissuomalaisten pk-yritysten luotonsaantimahdollisuuksiin. Basel-säännöstö vaikuttaa kannustavan pankkeja turvattuun luotonantoon, jolloin lainan vakuuden merkitys korostuu. Tutkielmassa luodun konkurssiriskin estimointimallin perusteella aineiston yrityksille itse konkurssiriski ei näyttäisi olevan suuri ongelma lainaa haettaessa: noin 70 % yrityksistä oli selkeästi vielä luottokelpoisia. Sen sijaan krooninen vakuuden puute vaikuttaisi suurimmalta syyltä negatiiviseen luotonmyöntöpäätökseen. Aineiston yrityksistä vain yhdellä oli riittävästi vakuudeksi kelpaavaa omaisuutta kattamaan esimerkkilaskelmissa käytetyn 100 000 €:n lainapääoman; valtaosalla yrityksistä vakuusmassaa oli taseessa alle 10 000 €. Koska Basel-sääntely asettaa korkeat riskipainot vakuudettomille luotoille, ja riskipaino kasvattaa suoraan pankissa pidettäviä pääomareservejä, pk-yritysten luototus aiheuttaa pankeille ylimääräisiä kustannuksia. Näin on löydetty osaltaan yksi selitys juuri pk-yrityksiin kohdistuviin luotonleikkauksiin.

Deoxygenation of fatty acids for production of fuels and chemicals

The decreasing fossil fuel resources combined with an increasing world energy demand has raised an interest in renewable energy sources. The alternatives can be solar, wind and geothermal energies, but only biomass can be a substitute for the carbon–based feedstock, which is suitable for the production of transportation fuels and chemicals. However, a high oxygen content of the biomass creates challenges for the future chemical industry, forcing the development of new processes which allow a complete or selective oxygen removal without any significant carbon loss. Therefore, understanding and optimization of biomass deoxygenation processes are crucial for the future bio–based chemical industry. In this work, deoxygenation of fatty acids and their derivatives was studied over Pd/C and TiO2 supported noble metal catalysts (Pt, Pt–Re, Re and Ru) to obtain future fuel components. The 5 % Pd/C catalyst was investigated in semibatch and fixed bed reactors at 300 °C and 1.7–2 MPa of inert and hydrogen–containing atmospheres. Based on extensive kinetic studies, plausible reaction mechanisms and pathways were proposed. The influence of the unsaturation in the deoxygenation of model compounds and industrial feedstock – tall oil fatty acids – over a Pd/C catalyst was demonstrated. The optimization of the reaction conditions suppressed the formation of by–products, hence high yields and selectivities towards linear hydrocarbons and catalyst stability were achieved. Experiments in a fixed bed reactor filled with a 2 % Pd/C catalyst were performed with stearic acid as a model compound at different hydrogen–containing gas atmospheres to understand the catalyst stability under various conditions. Moreover, prolonged experiments were carried out with concentrated model compounds to reveal the catalyst deactivation. New materials were proposed for the selective deoxygenation process at lower temperatures (~200 °C) with a tunable selectivity to hydrodeoxygenation by using 4 % Pt/TiO2 or decarboxylation/decarbonylation over 4 % Ru/TiO2 catalysts. A new method for selective hydrogenation of fatty acids to fatty alcohols was demonstrated with a 4 % Re/TiO2 catalyst. A reaction pathway and mechanism for TiO2 supported metal catalysts was proposed and an optimization of the process conditions led to an increase in the formation of the desired products.

Jalometallien pelkistyskemikaalit

Tässä työssä esitellään kirjallisuudesta löytyneitä vaihtoehtoja jalometallien (Au, Ag, Pt, Pd, Is, Os, Rh, Ru, Re) homogeeniseen pelkistämiseen ja tekijöitä, jotka vaikuttavat pelkistimen valintaan. Jalometallien korkea hinta tekee niiden talteenoton pienistäkin pitoisuuksista kiinnostavaksi. Pelkistäminen on talteenoton viimeinen vaihe, jota voidaan käyttää myös puhdistusaskeleena. Pelkistimen valinnalla on suuri merkitys pelkistystulokseen. Myös pH:lla ja lämpötilalla on merkittävä vaikutus pelkistykseen. Ideaalinen pelkistyskemikaali on edullinen, selektiivinen, sillä on kohtuullinen pelkistysaika, se ei ole haitallinen, ei muodosta haitallisia sivutuotteita ja tarvittava prosessi on yksinkertainen. Lupaavia pelkistyskemikaaleja ovat esimerkiksi askorbiinihappo, vetyperoksidi ja muurahaishappo.

Arylsulfatase A pseudodeficiency in healthy Brazilian individuals

Molecular alterations associated with arylsulfatase A pseudodeficiency (ASA-PD) were characterized by PCR and restriction endonuclease analysis in a sample of healthy individuals from Brazil. ASA activity was also assayed in all subjects. Two individuals homozygous for the N350S and 1524+95A®G mutations were detected, corresponding to a frequency of 1.17% (4 of 324 alleles). The individual frequency of the N350S mutation was 20.7% (71 of 342 alleles) and 7.9% (27 of 342 alleles) for the 1524+95A®G mutation. The frequency of the ASA-PD allele in our population was estimated to be 7.9%. This is the first report of ASA-PD allele frequency in a South American population. In addition, the methods used are effective and suitable for application in countries with limited resources. All patients with low ASA activity should be screened for ASA-PD as part of the diagnostic procotol for metachromatic leukodystrophy.

Angiotensin-(1-7) increases osmotic water permeability in isolated toad skin

Angiotensin-(1-7) (Ang-(1-7)) increased osmotic water permeability in the isolated toad skin, a tissue with functional properties similar to those of the distal mammalian nephron. Concentrations of 0.1 to 10 µM were effective, with a peak at 20 min. This effect was similar in magnitude to that of frog skin angiotensin II (Ang II) and oxytocin but lower than that of human Ang II and arginine-vasotocin. The AT2 angiotensin receptor antagonist PD 123319 (1.0 µM) fully inhibited the response to 0.1 µM Ang-(1-7) but had no effect on the response to Ang II at the same concentration. The specific receptor antagonist of Ang-(1-7), A-779, was ineffective in blocking the response to Ang-(1-7) and to frog skin Ang II. The AT1 receptor subtype antagonist losartan, which blocked the response to frog skin Ang II, was ineffective in blocking the response to Ang-(1-7). The present results support the view of an antidiuretic action of Ang-(1-7) in the mammalian nephron.

Determination of macromolecular exchange and PO2 in the microcirculation: a simple system for in vivo fluorescence and phosphorescence videomicroscopy

We have developed a system with two epi-illumination sources, a DC-regulated lamp for transillumination and mechanical switches for rapid shift of illumination and detection of defined areas (250-750 µm²) by fluorescence and phosphorescence videomicroscopy. The system permits investigation of standard microvascular parameters, vascular permeability as well as intra- and extravascular PO2 by phosphorescence quenching of Pd-meso-tetra (4-carboxyphenyl) porphine (PORPH). A Pechan prism was used to position a defined region over the photomultiplier and TV camera. In order to validate the system for in vivo use, in vitro tests were performed with probes at concentrations that can be found in microvascular studies. Extensive in vitro evaluations were performed by filling glass capillaries with solutions of various concentrations of FITC-dextran (diluted in blood and in saline) mixed with different amounts of PORPH. Fluorescence intensity and phosphorescence decay were determined for each mixture. FITC-dextran solutions without PORPH and PORPH solutions without FITC-dextran were used as references. Phosphorescence decay curves were relatively unaffected by the presence of FITC-dextran at all concentrations tested (0.1 µg/ml to 5 mg/ml). Likewise, fluorescence determinations were performed in the presence of PORPH (0.05 to 0.5 mg/ml). The system was successfully used to study macromolecular extravasation and PO2 in the rat mesentery circulation under controlled conditions and during ischemia-reperfusion.

Cyclic AMP increases the survival of ganglion cells in mixed retinal cell cultures in the absence of exogenous neurotrophic molecules, an effect that involves cholinergic activity

Natural cell death is a well-known degenerative phenomenon occurring during development of the nervous system. The role of trophic molecules produced by target and afferent cells as well as by glial cells has been extensively demonstrated. Literature data demonstrate that cAMP can modulate the survival of neuronal cells. Cultures of mixed retinal cells were treated with forskolin (an activator of the enzyme adenylyl cyclase) for 48 h. The results show that 50 µM forskolin induced a two-fold increase in the survival of retinal ganglion cells (RGCs) in the absence of exogenous trophic factors. This effect was dose dependent and abolished by 1 µM H89 (an inhibitor of protein kinase A), 1.25 µM chelerythrine chloride (an inhibitor of protein kinase C), 50 µM PD 98059 (an inhibitor of MEK), 25 µM Ly 294002 (an inhibitor of phosphatidylinositol-3 kinase), 30 nM brefeldin A (an inhibitor of polypeptide release), and 10 µM genistein or 1 ng/ml herbimycin (inhibitors of tyrosine kinase enzymes). The inhibition of muscarinic receptors by 10 µM atropine or 1 µM telenzepine also blocked the effect of forskolin. When we used 25 µM BAPTA, an intracellular calcium chelator, as well as 20 µM 5-fluoro-2'-deoxyuridine, an inhibitor of cell proliferation, we also abolished the effect. Our results indicate that cAMP plays an important role controlling the survival of RGCs. This effect is directly dependent on M1 receptor activation indicating that cholinergic activity mediates the increase in RGC survival. We propose a model which involves cholinergic amacrine cells and glial cells in the increase of RGC survival elicited by forskolin treatment.

Respiratory panic disorder subtype and sensitivity to the carbon dioxide challenge test

The aim of the present study was to verify the sensitivity to the carbon dioxide (CO2) challenge test of panic disorder (PD) patients with respiratory and nonrespiratory subtypes of the disorder. Our hypothesis is that the respiratory subtype is more sensitive to 35% CO2. Twenty-seven PD subjects with or without agoraphobia were classified into respiratory and nonrespiratory subtypes on the basis of the presence of respiratory symptoms during their panic attacks. The tests were carried out in a double-blind manner using two mixtures: 1) 35% CO2 and 65% O2, and 2) 100% atmospheric compressed air, 20 min apart. The tests were repeated after 2 weeks during which the participants in the study did not receive any psychotropic drugs. At least 15 of 16 (93.7%) respiratory PD subtype patients and 5 of 11 (43.4%) nonrespiratory PD patients had a panic attack during one of two CO2 challenges (P = 0.009, Fisher exact test). Respiratory PD subtype patients were more sensitive to the CO2 challenge test. There was agreement between the severity of PD measured by the Clinical Global Impression (CGI) Scale and the subtype of PD. Higher CGI scores in the respiratory PD subtype could reflect a greater sensitivity to the CO2 challenge due to a greater severity of PD. Carbon dioxide challenges in PD may define PD subtypes and their underlying mechanisms.

Interaction between paraventricular nucleus and septal area in the control of physiological responses induced by angiotensin II

We determined the effects of losartan (40 nmol) and PD 123319 (40 nmol) (both non-peptides and selective antagonists of the AT1 and AT2 angiotensin receptors, respectively), and [Sar¹, Ala8] angiotensin II (ANG II) (40 nmol) (a non-selective peptide antagonist of angiotensin receptors) injected into the paraventricular nucleus (PVN) on the water and salt appetite, diuresis and natriuresis and mean arterial pressure (MAP) induced by administration of 10 nmol of ANG II into the medial septal area (MSA) of male Holtzman rats weighing 250-300 g. The volume of drug solution injected was 0.5 µl over a period of 10-15 s. The responses were measured over a period of 120 min. ANG II alone injected into the MSA induced an increase in all the above parameters (8.1 ± 1.2, 1.8 ± 0.3, and 17.1 ± 1.0 ml, 217 ± 25 µEq/120 min, and 24 ± 4 mmHg, respectively, N = 10-12) compared with vehicle-treated rats (1.4 ± 0.2, 0.6 ± 0.1, and 9.3 ± 0.5 ml, 47 ± 5 µEq/120 min, and 4.1 ± 0.8 mmHg, respectively, N = 10-14). Pretreatment with losartan and [Sar¹, Ala8] ANG II completely abolished the water and sodium intake, and the pressor increase (0.5 ± 0.2, 1.1 ± 0.2, 0.5 ± 0.2, and 0.8 ± 0.2 ml, and 1.2 ± 3.9, 31 ± 4.6 mmHg, respectively, N = 9-12), whereas losartan blunted the urinary and sodium excretion induced by ANG II (13.9 ± 1.0 ml and 187 ± 10 µEq/120 min, respectively, N = 9). Pretreatment with PD 123319 and [Sar¹, Ala8] ANG II blocked the urinary and sodium excretion (10.7 ± 0.8, 9.8 ± 0.7 ml, and 67 ± 13 and 57 ± 17 µEq/120 min, respectively, N = 9), whereas pretreatment with PD 123319 partially blocked the water and sodium intake, and the MAP induced by ANG II administration (2.3 ± 0.3, 1.1 ± 0.1 ml, and 12 ± 3 mmHg, respectively, N = 9-10). These results suggest the angiotensinergic effect of the MSA on the AT1 and AT2 receptors of the PVN in terms of water and sodium homeostasis and MAP modulation.

High doses of riboflavin and the elimination of dietary red meat promote the recovery of some motor functions in Parkinson's disease patients

Abnormal riboflavin status in the absence of a dietary deficiency was detected in 31 consecutive outpatients with Parkinson's disease (PD), while the classical determinants of homocysteine levels (B6, folic acid, and B12) were usually within normal limits. In contrast, only 3 of 10 consecutive outpatients with dementia without previous stroke had abnormal riboflavin status. The data for 12 patients who did not complete 6 months of therapy or did not comply with the proposed treatment paradigm were excluded from analysis. Nineteen PD patients (8 males and 11 females, mean age ± SD = 66.2 ± 8.6 years; 3, 3, 2, 5, and 6 patients in Hoehn and Yahr stages I to V) received riboflavin orally (30 mg every 8 h) plus their usual symptomatic medications and all red meat was eliminated from their diet. After 1 month the riboflavin status of the patients was normalized from 106.4 ± 34.9 to 179.2 ± 23 ng/ml (N = 9). Motor capacity was measured by a modification of the scoring system of Hoehn and Yahr, which reports motor capacity as percent. All 19 patients who completed 6 months of treatment showed improved motor capacity during the first three months and most reached a plateau while 5/19 continued to improve in the 3- to 6-month interval. Their average motor capacity increased from 44 to 71% after 6 months, increasing significantly every month compared with their own pretreatment status (P < 0.001, Wilcoxon signed rank test). Discontinuation of riboflavin for several days did not impair motor capacity and yellowish urine was the only side effect observed. The data show that the proposed treatment improves the clinical condition of PD patients. Riboflavin-sensitive mechanisms involved in PD may include glutathione depletion, cumulative mitochondrial DNA mutations, disturbed mitochondrial protein complexes, and abnormal iron metabolism. More studies are required to identify the mechanisms involved.

Clinical features of panic patients sensitive to hyperventilation or breath-holding methods for inducing panic attacks

Our aim was to compare the clinical features of panic disorder (PD) patients sensitive to hyperventilation or breath-holding methods of inducing panic attacks. Eighty-five PD patients were submitted to both a hyperventilation challenge test and a breath-holding test. They were asked to hyperventilate (30 breaths/min) for 4 min and a week later to hold their breath for as long as possible, four times with a 2-min interval. Anxiety scales were applied before and after the tests. We selected the patients who responded with a panic attack to just one of the tests, i.e., those who had a panic attack after hyperventilating (HPA, N = 24, 16 females, 8 males, mean age ± SD = 38.5 ± 12.7 years) and those who had a panic attack after breath holding (BHPA, N = 20, 11 females, 9 males, mean age ± SD = 42.1 ± 10.6 years). Both groups had similar (chi² = 1.28, d.f. = 1, P = 0.672) respiratory symptoms (fear of dying, chest/pain disconfort, shortness of breath, paresthesias, and feelings of choking) during a panic attack. The criteria of Briggs et al. [British Journal of Psychiatry, 1993; 163: 201-209] for respiratory PD subtype were fulfilled by 18 (75.0%) HPA patients and by 14 (70.0%) BHPA patients. The HPA group had a later onset of the disease compared to BHPA patients (37.9 ± 11.0 vs 21.3 ± 12.9 years old, Mann-Whitney, P < 0.001), and had a higher family prevalence of PD (70.8 vs 25.0%, chi² = 19.65, d.f. = 1, P = 0.041). Our data suggest that these two groups - HPA and BHPA patients - may be specific subtypes of PD.

Pharmacokinetic/pharmacodynamic relationships of FTY720 in kidney transplant recipients

FTY720 is a new and effective immunosuppressive agent, which produces peripheral blood lymphopenia through a lymphocyte homing effect. We investigated the relationship between the dose of FTY720 or blood concentration (pharmacokinetics, PK) and peripheral lymphopenia (pharmacodynamics, PD) in 23 kidney transplant recipients randomized to receive FTY720 (0.25-2.5 mg/day) or mofetil mycophenolate (2 mg/day) in combination with cyclosporine and steroids. FTY720 dose, blood concentrations and lymphocyte counts were determined weekly before and 4 to 12 weeks after transplantation. The effect of PD was calculated as the absolute lymphocyte count or its reductions. PK/PD modeling was used to find the best-fit model. Mean FTY720 concentrations were 0.36 ± 0.05 (0.25 mg), 0.73 ± 0.12 (0.5 mg), 3.26 ± 0.51 (1 mg), and 7.15 ± 1.41 ng/ml (2.5 mg) between 4 and 12 weeks after transplantation. FTY720 PK was linear with dose (r² = 0.98) and showed low inter- and intra-individual variability. FTY720 produced a dose-dependent increase in mean percent reduction of peripheral lymphocyte counts (38 vs 42 vs 56 vs 77, P < 0.01, respectively). The simple Emax model [E = (Emax * C)/(C + EC50)] was the best-fit PK/PD modeling for FTY720 dose (Emax = 87.8 ± 5.3% and ED50 = 0.48 ± 0.08 mg, r² = 0.94) or concentration (Emax = 78.3 ± 2.9% and EC50 = 0.59 ± 0.09 ng/ml, r² = 0.89) vs effect (% reduction in peripheral lymphocytes). FTY720 PK/PD is dose dependent and follows an Emax model (EC50 = 0.5 mg or 0.6 ng/ml). Using lymphopenia as an FTY720 PD surrogate marker, high % reductions (~80%) in peripheral lymphocytes are required to achieve best efficacy to prevent acute allograft rejection.