A 12-kDa inositolphosphate-binding protein has been identified as a component of the human erythrocyte membrane. Its robust peptidylprolyl cis-trans isomerase activity that is strongly inhibited by the immunosuppressant drugs FK506 and rapamycin indicates that it is an immunophilin belonging to the FKBP class. The finding that its peptidylprolyl cis-trans isomerase activity is also strongly inhibited by nanomolar concentrations of the second messengers inositol 1,4,5-trisphosphate (IP3) and inositol 1,3,4,5-tetrakisphosphate (IP4,) suggests that IP3, and IP4, could be physiological ligands for this membrane-associated immunophilin. (C) 1995 Academic Press, Inc.