Four new natural products and six known natural products were isolated from the two cyanobacteria blooms identified as Microcystis spp. The cells were freeze-dried, extracted with 7:3 MeOH/H2O and separated by different chromatographic methods, including various Reversed phase columns, Sephadex LH-20 and HPLC chromatography. Sample IL-349 was collected from "Komem" river reservoir located in south Israel on August 24, 2005. A new natural product was isolated from its MeOH/H2O extract, 3-hydroxy-1,4-diphenylbutan-2-yl-acetate along with the known natural product, microginin SD755. Sample IL-348 was collected from the Bror-Hail water reservoir located in south Israel on August 24, 2005. Four new natural products were isolated from its MeOH/H2O extract: 3-hydroxy-1,4-diphenylbutan-2-yl-acetate, aeruginosin BH462A, aeruginosin BH462B and aeruginosin BH604, along with five known natural products: cyanopeptolin SS, cyanopeptolin S, (Ahp)OMe cyanopeptolin S, loliolide and isololiolide. All compounds were tested for their ability to inhibit the serine proteases: trypsin and thrombin. The structure elucidation and biological activity of the compounds will be presented.