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OBSOLETE. Catalysis of the conversion of phosphatidylinositol-3-phosphate, phosphatidylinositol-4-phosphate, and phosphatidylinositol-3,5-bisphosphate, but not PI-4,5-bisphosphate, to phosphatidylinositol; PPIPase activity is a key regulator of membrane trafficking and actin cytoskeleton organization. [PMID:10224048]
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