TECHNOLOGY FOCUS - BIOTECHNOLOGY - Preferred Method: The contacting step further comprises contacting the biomass source with a catalyst. The contacting and mixing steps result in extraction of a second biomass component that is extracted into the second phase comprising the co-solvent composition. The method further comprises: removing the first phase from the multi-phase composition; facilitating the separation of the multi-phase composition into the first, second and third phase by centrifuging or by passing the multi-phase through at least one filter; separating the extracted second biomass component from the multi-phase composition. Preferred Components: The first biomass component is a fatty acid ester product, a bio-oil (preferred), a bio-polymer or a fat-soluble pigment. The second biomass component comprises a protein (protein), a carbohydrate, a nucleic acid, DNA or RNA. The multi-phase composition comprises a first phase comprising the bio-oil, a second phase comprising the co-solvent composition and a third phase comprising the treated biomass. The biomass source is a micro-alga, a yeast, an oil seed and/or a plant matter.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The PCM is an alcohol (preferred), ketones, organic acids, alkyl halides, sulfoxides, aldehydes, amides or amines. The ionic liquid comprises a cation or an anion, which is a liquid salt at room temperature. The cation is an ammonium moiety of formula (I), a phosphonium moiety of formula (II), a pyridinium moiety of formula (III), a pyridazinium moiety of formula (IV), a pyrimidinium moiety of formula (V), a pyrazinium moiety of formula (VI), an imidazolium moiety of formula (VII), a pyrazolium moiety of formula (VIII), an oxazolium moiety of formula (IX), a 1,2,3-triazolium moiety of formula (X), a 1,2,3-triazolium moiety of formula (XI), a 1,2,4-triazolium moiety of formula (XII), a thiazolium moiety of formula (XIII), a piperidinium moiety of formula (XIV), a pyrrolidinium moiety of formula (XV), an isoquinolinium moiety of formula (XVI) and/or a quinolinium moiety of formula (XVII). The cation is preferably an imidazolium cation. The anion is a halide, a 1-6C carboxylate, a mono- or di-1-10C alkyl sulfosuccinate, a nitrate, a sulfate, an alkyl-sulfate, a phosphate, an alkyl phosphate, an acetate, a halogenoacetate, a tetrafluoroborate, a tetrachloroborate, a hexafluorophosphate, a trifluoro-tris-(pentafluoroethyl)phosphate, a hexafluoroantimonate, a fluorosulfonate, an alkylsulfonate, a perfluoroalkylsulfonate, a bis(perfluoroalkylsulfonyl)amide, a tris-trifluoromethylsulfonyl methylide (C(CF3SO2)3-), a bis-trifluoromethylsulfonyl methylide (HC(CF3SO2)3-), an arenesulfonate optionally substituted with halogens or haloalkyl groups, a tetraphenylborate anion, a tetraphenylborate anion with substituted aromatic rings, a tetra-(trifluoroacetoxy)-borate, a bis-(oxalate)-borate, a dicyanamide, a tricyanomethylide, a tetrachloroaluminate anion and/or a chlorozincate anion. The anion is preferably a methyl sulfate anion. The ionic liquid is 1-ethyl-3-methylimidazolium methyl sulfate (preferred), 1-methylimidazolium tetrafluoroborate, 1-alkyl-3-methylimidazolium hydrogensulfonates, 1-butylpyridinium chloride/aluminum chloride, 1-octyl-3-methylimidazolium tetrafluoroborate (OMIM/BF4), 1-ethyl-3-methylimidazolium tetrafluoroborate ((EMIM)(BF4)), 1-butyl-3-methylimidazolium tetrafluoroborate ((BMIM)(BF4)), 1-hexyl-3-methylimidazolium tetrafluoroborate ((HMIM)(BF4)), 1-butyl-3-methylimidazolium hydrogen sulfate ((BMIM)(HSO4)), 1-butylpyridinium chloride tetrafluoroborate ((BP)Cl(BF4)), a di-alkylimidazolium salt and/or a quaternary ammonium salt.R1-R6 = C0-C6 alkyl, alkenyl, hydroxyalkyl, haloalkyl, alkoxyalkyl and/or 6-10C aryl or 8-16C alkylaryl, where C0 denotes H. EXAMPLE - 1-Ethyl-3-methylimidazolium hydrogen sulfate (3g) was mixed with methanol (3.5g). Dried, pulverized biomass (Chlorella protothecoides microalgae) was then added to the solution and the mixture was stirred. The mixture was sealed and incubated at temperatures below the boiling point of methanol for 5 hours. Upon completion of the reaction, the bio-oil was separated from the hydrophilic ionic solvent in a top layer and was optionally collected by pipette extraction. The digested biomass was further separated from the reaction mixture by relatively low speed centrifugation which improved the quality of the bio-oil layer.