The ethyl acetate extract from the fungus Oudemansiella canarii grown in malt extract medium was evaluated against (a) the recombinant enzyme trypanothione reductase from Trypanosoma cruzi, (b) lymphocyte proliferation in human peripheral blood mononuclear cells (PBMCs) stimulated with phytohaemaglutinin, (c) the human tumour cell lineages MCF-7, TK-10 and UACC-62, and (d) the phytopathogenic fungus Cladosporium sphaerospermum. At 10 μg/ml, the crude extract was inactive against PBMC but inhibited the growth of UACC-62 cells by 47% and the enzyme trypanothione reductase (TryR). It also presented strong inhibition in the bioautographic assay with C. sphaerospermum. Chromatographic fractionation guided by this assay allowed the isolation of oudemansin A (1), a known fungitoxic compound that showed a minimum inhibitory concentration (MIC) of 1.25 μg/spot in the bioautographic assay. As oudemansin A was not active in the other assays, other components in the extract may be responsible for the observed activities by the crude extract against the UACC-62 cells or the TryR enzyme.