This work introduces capacity limits for molecular timing (MT) channels,where information is modulated on the release timing of small informationparticles, and decoded from the time of arrival at the receiver. It is shownthat the random time of arrival can be represented as an additive noisechannel, and for the diffusion-based MT (DBMT) channel, this noise isdistributed according to the L\'evy distribution. Lower and upper bounds on thecapacity of the DBMT channel are derived for the case where the delayassociated with the propagation of information particles in the channel isfinite. These bounds are also shown to be tight.
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