Cyanobacteria have been identified as one of the most promising group of organisms from which novel and biochemically active natural products are isolated. Cyanobacteria such as Microcystis,Anabaena,Nostoc and Oscillatoria produce a great variety of secondary metabolites. The only comparable group is actinomycetes, which has yielded a tremendous number of metabolites.
Cyanobacterial lipopeptides include different compounds like cytotoxic (41%), antitumor (13%), antiviral (4%), antibiotics (12%) and the remaining 18% activities include antimalarial, antimycotics, multi-drug resistance reversers, antifeedant, herbicides and immunosuppressive agents.
Please see below few references that may be relevant to your research
Bioactive compounds from cyanobacteria and microalgae: an overview.Crit Rev Biotechnol. 2005 Jul-Sep;25(3):73-95. http://www.ncbi.nlm.nih.gov/pubmed/16294828
Paddy field cyanobacteria: diversity and pesticide tolerance.http://dyuthi.cusat.ac.in/xmlui/bitstream/handle/purl/2927/Dyuthi-T0918.pdf?sequence=1
Insecticidal activity - a new bioactive property of the cyanobacterium Fischerella http://yadda.icm.edu.pl/baztech/element/bwmeta1.element.baztech-article-BGPK-1546-5986
Antimicrobial activity of pesticide adapted cyanobacteria on fungal pathogens of rice European Journal of Experimental Biology, 2011, 1 (4):50-54. http://pelagiaresearchlibrary.com/european-journal-of-experimental-biology/vol1-iss4/EJEB-2011-1-4-50-54.pdf