It has long been known that Jahage(紫河車) extracts of Placenta hominis are effective for immunological and vascular diseases in human body and thus, was used a major constituent of traditional oriental medicines. From full-term human placenta, we have purified a new type anticoagulant protein, PP27, using different chromatographic techniques of a phenyl TSK gel 650M column, DEAE, HA and Mono-Q columns. PP27 showed single band on SDS-PAGE with a molecular mass (Mr) of 27 kDa under denaturing conditions and a calibrated Sepharose 4B column chromatography indicated a molecular mass of 23 kDa, indicating that the value is similar to those of other PP4 enzyme reported to date. Isoelectric point of PP27 was p15.2. The protein was found to inhibit the coagulation time in a concentration-dependent manner. PP27 was acted as a vascular anticoagulant of annexin type, inhibits the blood clotting process by binding of the essential lipids in a reaction which is dependent on $Ca2^+$ ions. In the presence of $Ca2^+$ ions, PP27 combines with platelet membranes neutralizing their procoagulant effect. Coagulation triggered by the addition of thromboplastin/ lipid- mixtures is extinguished by PP27.