In this report, we provide direct demonstration that the neurotrophin nerve growth factor (NGF) is released in the extracellular space in an activity-dependent manner in its precursor form (proNGF) and that it is in this compartment that its maturation and degradation takes place because of the coordinated release and the action of proenzymes and enzyme regulators. This converting protease cascade and its endogenous regulators (including tissue plasminogen activator, plasminogen, neuroserpin, precursor matrix metalloproteinase 9, and tissue inhibitor metalloproteinase 1) are colocalized in neurons of the cerebral cortex and released upon neuronal stimulation. We also provide evidence that this mechanism operates in in vivo conditions, as the CNS application of inhibitors of converting and degrading enzymes lead to dramatic alterations in the tissue levels of either precursor NGF or mature NGF. Pathological alterations of this cascade in the CNS might cause or contribute to a lack of proper neuronal trophic support in conditions such as cerebral ischemia, seizure and Alzheimer's disease or, conversely, to excessive local production of neurotrophins as reported in inflammatory arthritis pain. matrix metalloproteinase 9 ͉ neuroserpin ͉ plasminogen ͉ tissue plasminogen activator ͉ plasmin T he neurotrophin family of growth factors plays a critical role in neuronal survival and differentiation (1, 2). They are produced and liberated in an activity-dependent manner (3) and are responsible for maintaining neuronal phenotype in the adult CNS (4), including the regulation of the steady-state number of synapses (5). These actions are normally attributed to mature neurotrophins, although recently, a biological role for precursor neurotrophin molecules also has been proposed (6, 7). Despite this wealth of knowledge, it is not clear whether these neurotrophins convert to their mature and biologically active form intracellularly or extracellularly, nor is it clear whether, upon their activity-dependent release into the CNS, they are in their mature or precursor form. For example, nerve growth factor (NGF) has been proposed to be released in its mature form (8-10), whereas in the case of BDNF, recent experimental data suggests that the precursor form of BDNF was released and then was processed extracellularly to elicit longterm potentiation (11).These issues are of functional significance because recent in vitro studies with cells transfected with furin-resistant mutated forms of precursor NGF (proNGF) have shown that unprocessed proNGF interacts preferentially with p75 neurotrophin receptor instead of the high-affinity NGF receptor, TrkA, facilitating an apoptotic mechanism in embryonic cells of the peripheral nervous system (7). Moreover, it has been proposed that, in the adult CNS, proNGF expression is up-regulated after CNS lesions, probably contributing to cell death through p75 neurotrophin receptor and sortilin (12, 13). However, other authors have provided evidence suggesting a neurotrophic role for proNGF, albeit to a...