The synthesis of the novel polyene, 16-decarboxy-16-hydroxymethyl amphotericin B 5, the first monofunctionalised amphotericin B derivative without a carbonyl containing substituent in the C-16 position, is described. This primary alcohol 5, which shows negligible nephrotoxicity while maintaining good antifungal activity, was obtained via reduction of the novel N-Fmoc protected mycosamine containing derivative 8.