Your part of chemical question was typical for isolation of alkaloids. Acidification, (filtration),alkalization, (extraction with organic solvent). In the case of fungi culture this may be ergot alkaloids (most probable) or antibiotic extraction.
Ergotamine, which isolation procedure you probably described, is used as very valuable vasoconstrictor used in the control of migraines (outstandingly valuable and still used under rectricted control) and Parkinson's disease but is also illegal psychodelic drug.
Now, acidifying without details means simply control pH by universal indicator paper, in old books - litmus was used for the same purpose.