A novel depsipeptide (PM181110) was purified from an endophytic fungus Phomopsis glabrae isolated from the leaves of Pongamia pinnata (family Fabaceae). The chemical structure of PM181110 was elucidated using physiochemical properties, 2D NMR and other spectroscopic methods. PM181110 is very close in structure to FE399. The compound exhibited in vitro anticancer activity against 40 human cancer cell lines with a mean IC50 value of 0.089 μM and ex vivo efficacy towards 24 human tumor xenografts (mean IC50=0.245 μM).