“…The aqueous -organic two-phase reaction system is also important for carrying out enzymatic conversion of hydrophobic compounds, and various hydrophobic useful substances, such as peptides (Cassells and Halling, 1988;D'cunha et al, 1994;Kasche and Galunsky, 1995;Kawasaki et al, 1994), epoxides (Kawakami, 1990), aldehydes (Mitarai and Kawakami, 1994), and other compounds (Fukui et al, 1992;Gargouri et al, 1996;Hernandez-Justiz et al, 1998;Shimizu et al, 1990) can be produced in aqueous -organic two-phase systems. In the aqueous -organic two-phase system employed in this study, both HLADH and NAD þ could be entrapped in an aqueous phase and used repeatedly with coenzyme regeneration.…”