“…It will be noted that, if production is constant, the estrogen level of the blood may presumably be modified through: (a) excretion of the material in the urine and bile (and through the intestinal wall?) some being the subcutaneously injected conjugated estrogens are less "potent" than the free forms (4). However, more recent evidence indicates the role of the human liver in estrogen inactivation is less impressive (5) and that the relative inactivity of conjugated estrogens is not apparent when tested at the target tissue level (6,7).…”