Numerous signal transduction processes involve lipids as signaling molecules. Many of these molecules are generated by phospholipases such as phospholipase A2 (PLA2) which releases fatty acids such as arachidonic acid and lysophospholipids. Each of these products is implicated in signal transduction processes itself, but also serves as a precursor for eicosanoids including the prostaglandins, leukotrienes, and lipoxins or platelet activating factor (PAF). These compounds are implicated in numerous inflammatory diseases such as rheumatoid arthritis, sepsis, intestinal bowel disease (IBD), asthma as well as playing a role in cancer, atherosclerosis and premature parturition.