Experimental data for the on-line estimation of cell concentration and growth rate are presented. For this purpose, we utilized the on-line calculation of the oxygen uptake rate (OUR), which was derived from a liquid phase dynamic mass balance for the oxygen during the active growth phase in cyclosporin A (CyA) fermentation. The cell yield coefficient, based on the oxygen $(Y_{x/o})$for both suspended and immobilized cells of Tolypocladium inflatum, was estimated as $1.9 gDCW/gO_2$ from a very good linear correlation between the cell mass produced and the total oxygen consumed. The calculated yield showed a good agreement with the value of $(Y_{x/o})$ generated from the correlation between the cell growth rate and the oxygen uptake rate. In addition, further experimental data are given, which were also applied to determine the specific oxygen uptake rate of T. inflatum cells during the exponential phase of CyA fermentation. A theoretical basis for the analysis of these fermentation parameters is also provided.