Summary. Placental slices from intact and ovariectomized guinea-pigs, incubated in Krebs-Ringer solution containing nicotinamide and NAD, synthesized no progesterone de novo but were able to convert pregnenolone to progesterone.Placental slices from animals ovariectomized 6 days before the incubation synthesized twice as much progesterone from pregnenolone (16\g=m\g/g/3hr) as slices from intact animals (7 \g=m\g/g3hr, P<0\m=.\01). This suggests that the 3\g=b\-hydroxysteroiddehydrogenase activity of the placenta increases after ovariectomy.Cyclic AMP significantly reduced the conversion of pregnenolone to progesterone (P<0\m=.\02), whereas gonadotrophic hormones (lh, or a combination of hcg and pmsg) and prostaglandins E1 and F2\g=a\ had no effect in vitro.