Provided are compounds of the formula (1): wherein R′ is hydrogen, methyl or NH2C(O)CH2—; R″ and R′″ are independently methyl or hydrogen; R adn Ry are independently hydroxy or hydrogen; R1 is hydroxy, hydrogen, or hydroxysulfonyloxy; R7 is hydroxy, hydrogen, hydroxysulfonyloxy or phosphonooxy; R2 is a novel acyl side chain. Also provided are novel formulations, methods of inhibiting fungal and parasitic activity, and a process for preparing dideoxy (R═H) forms of the compounds.