From the inner tissue of the jellyfish Aurelia aurita a marine strain of the fungus Epicoccum purpurascens was obtained. After mass cultivation the fungus was investigated for its secondary metabolite content and found to contain the new, and most unusual tetramic acid derivative, epicoccamide (1). Epicoccamide is quite unusual since it is composed of three biosynthetically distinct subunits; glycosidic, fatty acid and tetramic acid (amino acid). The structure of the new compound was elucidated using spectroscopic methods, mainly 1D and 2D NMR, ESI-MS, and chemical degradations.