Dear Manju,

There are different methods being used for extracting Phycocyanin. Solvents  like distilled water, 10 mM sodium phosphate buffer (pH 7.0), 10 mM sodium acetate, buffer (pH 5.0), NaCl, 0.15 M and CaCl2 10 g L_1 are being employed.

Hope the  papers i added here might be helpful.

Good luck!

http://www.scielo.br/pdf/bjce/v28n1/a06v28n1.pdf

On the paper attached you can find several ways to do it.

I hope I have helped you.

We can help.