Heron Neutron Medical, a subsidiary of the Hermes Technology Group, is accelerating its efforts to commercialize its accelerator-based boron neutron capture therapy (AB-BNCT). The company obtained medical device approval for its AB-BNCT system in 2024, and its companion drug B10 L-BPA for head and neck cancer is currently in Phase II clinical trials, with patient enrollment expected to be completed by the end of this year. General Manager Shen Leo emphasized that BNCT is Taiwan’s only domestically developed large-scale medical device, and with supportive government policy, it has the potential to represent Taiwan on the global stage—not only by advancing from late-line to second-line treatment locally, but also by facilitating international deployment through whole-plant exports.
Heron Neutron Medical submitted its IPO application on May 28. Market observers expect that, if regulatory reviews proceed smoothly, the company could be listed by the end of the year. Riding the momentum of the Hermes Group, Heron’s share price surged past NT$700 in intraday trading, pushing its market capitalization close to NT$100 billion.
AB-BNCT is considered a next-generation cancer therapy, with its core technology centered on the accelerator system and BPA compound production. Heron Neutron Medical is among the few companies in Taiwan with end-to-end BNCT integration capabilities—from equipment and drug manufacturing to clinical application and evaluation. Chairman Hsu Chin-Jung stated at a recent shareholders’ meeting that the company’s strategic focus this year will be on expanding device installations and client outreach. Clinical case enrollment and therapeutic outcome assessments are being carried out in partnership with medical institutions to strengthen clinical validation and support future health insurance reimbursement applications. The company aims to demonstrate AB-BNCT’s efficacy and feasibility for targeted indications while completing installation of supporting equipment and expanding collaborative clinical use at multiple hospitals.
Heron is actively expanding its clinical footprint. It has assisted a teaching hospital in northern Taiwan in completing system setup and testing for the AB-BNCT System, which is now entering the patient treatment preparation phase. In southern Taiwan, another major teaching medical center has completed installation of core equipment and is now testing the neutron source. Additionally, two more hospitals in northern Taiwan have joined as partners. The company is working toward establishing a “6+1” AB-BNCT System deployment model, steadily advancing system implementation and application to strengthen its clinical presence.
Shen Leo noted that BNCT is currently the only large-scale medical device fully developed and manufactured in Taiwan. Globally, only five companies are actively developing BNCT systems: Sumitomo in Japan, firms in the U.S., South Korea, China, and Taiwan’s Heron. Shen emphasized that strong policy support is essential for accelerating R&D. Japan’s Sumitomo, which has already commercialized its system, achieved rapid progress under favorable policy conditions. He called on Taiwan’s Ministry of Health and Welfare and other policymakers to provide clearer and more proactive support to help BNCT development move forward more swiftly.
The current clinical focus of AB-BNCT is recurrent head and neck cancer, with patient enrollment expected to wrap up by year-end and a six-month observation period to follow. The company aims to file for regulatory approval in 2025 and bring the treatment to market by the end of that year. Shen highlighted that while AB-BNCT is regulated as a medical device rather than a new drug, it shares a similar therapeutic framework with Sumitomo’s FDA-approved BNCT system. Heron hopes to advance the treatment from its current status as a late-line option to a second-line or even routine therapy in the future.
Heron’s goal is to bring BNCT to the global market through whole-plant export solutions and flexible business models. Shen stated that AB-BNCT aligns with President Lai’s vision of a "precision health" industry and called for more open and well-defined industrial policies to support international collaboration—especially with Southeast Asian nations. Such efforts, he added, would help reduce market entry barriers and accelerate BNCT’s global adoption.
Resource: 禾榮科拚年底掛牌上市，盼「國產國造」BNCT打國際盃
