Extract rich in glucans from the Caripia montagnei mushroom showed an anti-edematous activity higher than the non-steroidal anti-inflammatory drugs (NSAIDs), indomethacin and parecoxib. Agonists of PPARα showed a value of 90.8±10.9% and roziglitazone, an agonist of PPARy, exhibited 41.9±7.1%. An experimental animal model, carrageenan-induced pleurisy, found that this polysaccharide also displayed an anti-inflammatory effect. Severe reductions occur in leukocyte migration, in addition to modest nitric oxide production. The polymer antiangiogenic activity showed a high inhibiting concentration of 1000μg/egg. This study also investigated total antioxidant activity (57±0.3%), reducing power (37.6±0.16), and lipid peroxidation (84±0.51%) of these polysaccharides. Inhibition of hydroxyl radical was 38.0±0.01% (1mg/mL), with high inhibition of iron chelation. Results showed that β-glucan content from Caripia montagnei has significant pharmacological activity in inflammation models, angiogenesis, and inhibition of free radicals.