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HeRong Technology, a subsidiary of Hanmin Group, in collaboration with China Medical University Hsinchu Hospital, has inaugurated Taiwan's first Boron Neutron Capture Therapy (BNCT) center. The center aims to obtain Taiwan's medical device approval for its neutron radiation system by the third quarter of this year and commence clinical trials for head and neck cancer, targeting drug certification by 2026. Beyond the domestic market, HeRong is eyeing Southeast Asia, with plans to initially enter Singapore and subsequently expand.
HeRong Technology has also initiated its IPO plan, aiming to enter the Emerging Stock Board by the end of this year and seek listing as a technology company next year. This marks the first biotech IPO for the Hanmin Group.
In his speech, HeRong Chairman Xu Jinrong expressed delight over the completion of the BNCT center after seven years of efforts. Last year, the company completed functional tests on the accelerator equipment and neutron beam tests. The BNCT technology, combining radiotherapy and targeted therapy, leverages boron-containing drugs that, when introduced into the body, have numerous benefits. Internationally recognized, BNCT technology is now a reality in Taiwan.
BNCT is a targeted radiotherapy that involves administering non-toxic boron-containing drugs, which are preferentially absorbed by tumor cells. When exposed to neutrons, the boron undergoes a nuclear reaction, emitting high-energy alpha particles that destroy cancer cells at the cellular level without damaging surrounding tissues. This precision enhances treatment efficacy and safety.
HeRong Technology CEO Shen Xiaolian highlighted that BNCT’s ability to kill tumors without harming adjacent tissues significantly reduces the number of treatments needed. Despite the estimated treatment cost of approximately one million NTD per course, comparable to proton therapy, BNCT requires only 1-2 sessions per course compared to 20-30 sessions for other treatments, greatly improving patient quality of life. Additionally, HeRong's BNCT equipment operates at the lowest power internationally while delivering equivalent or stronger output, showcasing high efficiency.
Hanmin Group invested in HeRong Technology in 2017, now holding over 80% of its shares. The BNCT technology was developed through a collaboration between National Tsing Hua University and the Industrial Technology Research Institute. In 2019, HeRong established a partnership with China Medical University to install the BNCT system, completing construction mid-2023 and achieving neutron beam output by the end of the year.
In March this year, HeRong submitted its application for regulatory approval and anticipates obtaining Taiwan's medical device approval for the neutron radiation system by the third quarter. Concurrently, HeRong is applying for clinical trials of BNCT, targeting recurrent head and neck cancer, with plans to involve hospitals across northern, central, and southern Taiwan in the trial, aiming for drug certification by 2026.
Domestically, potential partners include major hospitals such as Veterans General, Kaohsiung Medical University, Chang Gung Memorial, Show Chwan, and E-Da. HeRong is exploring various business models, including outright sales, leasing, or BOT (Build-Operate-Transfer) agreements. Internationally, HeRong is aligning with government policies to expand into Southeast Asia, with Singapore as the initial entry point.
HeRong Technology aims to enter the Emerging Stock Board by the end of this year and seek full listing next year, marking a significant milestone as Hanmin Group’s first biotech IPO.
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