The present invention discloses proteinaceous compounds that comprise at least a biologically active portion of a taipan natriuretic peptide (TNP) or a variant or derivative thereof. The invention also relates to the use of these compounds in methods for stimulating vasodilation, natriuresis, diuresis, renin-suppression, bactericidal activity, weight-loss or bone growth in a mammalian host. In specific embodiments, the compounds are useful in the treatment of congestive heart failure.