The January Biotech Daily Top 40 Index (BDI-40) fell 5.6 percent to a collective market capitalization of $19,573 million, while the benchmark ASX200 climbed 1.8 percent to 8,869 points and the Nasdaq Biotechnology Index climbed 2.6 percent to 5,853 points.

The collective value of the four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) improved 1.0 percent to $177,953 million, led by Resmed up $3,297 million or 6.3 percent to $54,681 million, CSL adding $3,275 million or 3.9 percent to $87,036 million and Cochlear up $208 million or 1.2 percent to $17,255 million, offsetting the Pro Medicus $4,102 million or 17.8 percent fall to $18,981 million.

The 40 companies in the BDI-40 had a few rises but many falls, with 16 of the 28 companies down by more than 10 percent, but only five by more than 20 percent. Of the 11 stocks to rise, just five were up by more than 10 percent.

From a low base, Nova Eye was the best, up $15 million or 42.1 percent to $53 million, with Imricor adding $144 million to the index or 29.3 percent to $635 million, followed by Cyclopharm (19.3%), Compumedics (17.9%) and Avita (17.5%).

Impedimed led the many falls, down $22 million or 31.9 percent to $47 million, followed by Proteomics (27.1%), Actinogen (25.8%), Lumos (24.1%), Imugene (22.4%), Botanix (18.4%), Medical Developments (15.9%), Polynovo (15.9%), Prescient (15.9%), Micro-X (15.8%), Aroa (15.3%), Orthocell (15.0%), Amplia (13.0%), Resonance (13.0%), 4D Medical (12.6%) and EBR (11.2%).

Outside the BDI-40, Anteris (formerly Allied Medical and Biomd) was up $542 million or 170.4 percent to $860 million on a $US320 million ($A467 million) capital raising in conjunction with $US90 million ($A131 million) from Medtronic (BD: Jan 23, 2026).

Pacific Edge was up 12.2 percent for the month and 308.9 percent for the year to a respectable $184 million, Imagion was up 300 percent to $12 million, Adalta returned to an $11 million market capitalization, Echo IQ put on 91.1 percent in January to close at $323 million and Blinklab rose 14.7 percent in January, but improved 350 percent to $117 million for the 12 months. Watch this space.

Genetic Signatures fell a further $22 million or 38.6 percent in January, but down a total of $106 million or 75.2 percent in the year to January 2026.

Cannabis Corner fell $6 million or 1.9 percent in January to $307 million and up 2.7 percent for the year to January 31, 2026. Avecho and Zelira were up, two companies were unchanged and seven fell.

On the Nasdaq, Eyepoint fell $831 million or 36.7 percent to $1,436 million, while Brisbane’s Protagonist lost $839 million or 10.25 percent to $7,343 million, followed by Kazia down 19.7 percent to a Nasdaq-stated $95 million and Incannex down 17.2 percent to $154 million.

Kazia jumped $90 million or 333.3 percent from $27 million to $117 million on the Yahoo Finance Nasdaq page last month. Despite emails to Kazia chief executive officer Dr John Friend, the company had not explained the increase at the time of publication.