A novel hypoglycemically active triterpenoid compound isolated in purified, preferably substantially purified, form from Salacia spp., processes for obtaining the novel triterpenoid compound, compositions comprising the triterpenoid compound and methods for use a hypoglycemic agent, for example, in the treatment of diabetes, are described. In a preferred embodiment, the triterpenoid compound is obtained from Salacia prinoides. As an agent for the treatment of diabetes, the novel triterpenoid is useful for treating insulin-dependent (type I) and/or non-insulin-dependent (type II) diabetes.