a method for modifying the cyclic peptide ring system of echinocandin - type compounds to produce new analogs having antifungal activity is provided . the inventive process comprises opening the cyclic peptide ring , cleaving the terminal omithine unit , inserting at least one new amino acid or other synthetic unit and closing the ring to produce a new cyclic peptide ring structure . the process allows one to incorporate features such as water - solubility into the cyclic peptide ring nucleus , sites for further modification , increase or decrease the number of amino acid or peptide units within the ring nucleus , and increase or decrease the total number of members within the ring . the invention further provides novel echinocandin type compounds and their use as antifungal or anti - parasitic agents .