The production of a chitin-like exopolysaccharide (EPS) was optimized through experimental design methods, evaluating the influence of urea, phosphate, and glucose. Under optimized conditions, up to 1.51 g/L was produced and its physicochemical characteristics were evaluated by chromatography, NMR, and FTIR spectroscopy, and rheological techniques. The results showed a homogeneous EPS (Mw 4.9 × 105 g mol−1) composed of chitin, linear polymer of β-(1→4)-linked N-acetyl-D-glucosamine residues. The acetylation degree as determined by 13C CP-MAS NMR spectroscopy was over 90 %. The EPS biological activities, such as antioxidant effect and antitumor properties, were evaluated. To the best of our knowledge, this is the first study on the production of a new alternative of extracellular chitin-like polysaccharide with promising bioactive properties from the filamentous fungus M. alpina.