The invention provides a human NAALADASE 2 which is associated with the cardiovascular diseases, dermatological diseases, gastroenterological diseases, cancer, hematological diseases, neurologcial diseases, urological diseases, respiratory diseases and reproduction disorders. The invention also provides assays for the identification of compounds useful in the treatment or prevention of cardiovascular diseases, dermatological diseases, gastroenterological diseases, cancer, hematological diseases, neurological diseases, urological diseases, respiratory diseases and reproduction disorders. The invention also features compounds which bind to and/or activate or inhibit the activity of NAALADASE 2 as well as pharmaceutical compositions comprising such compounds.