Exudate collected from a strangulated loop of intestine in conventional and germfree rats has the property of inhibiting the opsonic and bactericidal activity of normal rat serum on Escherichiu coli. Using release of radioactivity from "P-labelled E. coli as an indicator of bactericidal activity, the inhibitory property of strangulation fluid on serum bactericidal activity has been subjected to further studies. The inhibitory factor (FIB) resisted heat treatment for 30 min up to 100" C, and did not disappear following dialysis. Chromato-