A red pigment was extracted and purified from the mycelia of a newly isolated strain of Penicillium sp., Penicillium sp. AZ, which produced a soluble violet pigment PP-V, 12-carboxyl-monascorubramine, in the culture fluid. The red pigment, PP-R, was determined by FAB-MS and 1H and 13C NMR to be a novel compound, 7-(2-hydroxyethyl)-monascorubramine.