The present invention provides compositions of bakuchiol (UP246) having low levels of impurities, particularly furanocoumarin impurities. The present invention further provides improved methods for the isolation, purification and analysis of compositions of bakuchiol. Finally, the present invention provides methods for using the purified bakuchiol compositions and formulations thereof for the prevention and treatment of various diseases and conditions mediated by cyclooxygenase (COX), lipoxygenase (LOX), minor inflammatory conditions and various microbial infections. The methods of this invention are comprised of administering to a host in need thereof an effective amount of the composition of this invention together with a pharmaceutically acceptable carrier.