So long as the toxins contained within the organism, yes. Boil the water or otherwise anything that releases it and no. Like you say it's still better than drinking it straight if you need to.
Thanks for relaying the info!
Not sure if you caught it though - but they're saying their 2-stage filters (with the activated carbon capsule), will remove 80-85% of the actual excreted (released) toxins. That's a pretty good result in my book, at least for emergency use.
One note on their carbon capsules - while their LifeStraw Steel is good for 1,000 gallons, the carbon capsule is only good for 100 gallons. But, they are replaceable, so it would be good to have extras on hand.