Use in your Live Set 
Go to Live -> Preferences !
Check  that  the  Moog  Theremini  appears  as  a  MIDI  Port  and  the  ‘Track’ 
checkbox is selected. The ‘Remote’ option should remain unticked. !
Navigate to the Max MIDI Effects folder within Ableton Live:!
User Library -> Presets -> MIDI Effects -> Max MIDI Effect !
Drag and drop M4L Theremini.axmd into a MIDI track in your Live Set. !