A 28 000 molecular weight activator of prekallikrein was isolated from human plasma, and the kinetics of its enzymic activity toward prekallikrein was investigated. The activation follows Michaelis-Menten kinetics with a kcat of approximately 3 S(-1); Km is strongly dependent upon the ionic strength. Under suitable conditions the activation obeys first-order kinetics, and the first-order rate constant may be used to quantitate prekallikrein activator activity. Thus a two-stage assay, in which the first step involves the activation of prekallikrein by the activator and the second step quantitates the kallikrein generated, was developed to allow the measurement of prekallikrein activator in biologic samples. The prekallikrein activator content of therapeutic protein solutions, as determined by means of this assay, correlated well with the hypotensive activity of these solutions as determined in an animal model.