Inclusion Criteria:

* A recipient of a single or double lung transplant (including heart-lung transplant)
* Age 18 years or older
* Able to produce a forced expiratory volume in one second (FEV1) of greater than one liter at randomization
* Eligible subjects must be enrolled within 70 days after receiving a lung transplant
* Clinical status sufficiently stable to enable routine post-transplant bronchoscopy with bronchoalveolar lavage (BAL) and chest X-ray (or equivalent i.e., chest computerized tomogram (CT)) prior to screening

Exclusion Criteria:

* Lung re-transplantation
* Documented allergy to propylene glycol and/or cyclosporine
* Documented respiratory or anastomotic infections unless on appropriate antimicrobial therapy with evidence of clinical response
* Women who are pregnant, wishing to become pregnant, or unwilling to use appropriate birth control to avoid becoming pregnant
* Women who are breastfeeding
* Clinically significant bronchial stenosis unresponsive to dilation and/or stenting
* Malignancies diagnosed within one year prior to screening (with the exception of non-melanomatous skin cancers)