Heron Neutron Medical, guided by Fubon Securities, was officially listed on the Taiwan Stock Exchange on the 15th with an underwriting price of NT$600 per share, bringing new momentum to Taiwan’s capital market. The company has been deeply engaged in the development of Accelerator-Based Boron Neutron Capture Therapy (AB-BNCT), a next-generation precision cancer treatment technology that targets cancer cells without damaging surrounding healthy tissue — a breakthrough that brings new hope to patients. Following its listing, Heron Neutron Medical plans to leverage capital market resources to further strengthen its R&D and expand its global footprint, with the goal of becoming an international leader in AB-BNCT precision oncology.
At the listing ceremony, Fubon Securities General Manager Michael Kuo praised Heron Neutron Medical for its outstanding integration capabilities in the AB-BNCT field. He noted that the company has successfully bridged some of the most challenging disciplines in medical technology — nuclear physics, engineering, and pharmaceuticals — to build a comprehensive system for precision cancer therapy.
Since launching its advisory engagement with Heron Neutron Medical in October 2024, Fubon Securities has worked closely with the company on capital market strategy and IPO preparation, witnessing its technological achievements transform into commercial momentum. The company’s acquisition of a medical device license for AB-BNCT represents a major milestone in Taiwan’s advancement toward self-sufficiency in high-end radiation therapy equipment and marks a new chapter for the domestic medical technology sector.
Heron Neutron Medical General Manager Leo Shen remarked that the company’s success in developing an integrated AB-BNCT treatment system — a feat few biotech firms have achieved — stems from its determination to break through traditional technological boundaries. He explained that Heron Neutron Medical has invested substantial capital and resources to overcome multiple challenges, including system construction, drug development, and clinical trials, and has completed both system validation and drug testing, establishing its leadership in AB-BNCT technology. Shen described the company’s stock listing as a major milestone, affirming Heron’s commitment to creating maximum value for customers, employees, and investors alike.
Since 2022, Heron Neutron Medical has completed four rounds of capital increases, raising a total of over NT$1.4 billion, led primarily by founding shareholder Hermes-Epitek Group. As of the end of Q2 2025, the company reported zero financial debt and cash holdings of approximately NT$580 million, reflecting a robust financial position.
In clinical operations, Heron Neutron Medical has secured an order worth NT$1.2 billion from Taipei Veterans General Hospital for the establishment of its AB-BNCT Treatment Center. Delivery is expected to be completed by 2027, with corresponding revenue recognition that year. In addition, the company’s proprietary boron neutron capture therapeutic drug is also expected to obtain regulatory approval in 2027, supporting steady revenue growth in the years ahead.
Resource: 富邦證輔導 禾榮科掛牌上市
