Abstract: A peptide identified from the annexin V protein sequence and having the ability to modulate the activity of delta protein kinase C (PKC) is described. The peptide and variants thereof bind to delta PKC and are effective to regulate delta PKC mediated cellular responses. In particular the annexin V peptide is able to inhibit protein-protein interaction with delta PKC, blocking intracellular translocation of delta PKC. Inhibition of delta PKC translocation confers protection to tissue at risk of exposure to ischemia or hypoxia or to reperfusion injury.