HCmed Innovations (心誠鎂) is aggressively pursuing the global high-end nebulizer drug-device combination market. The company is scheduled to transition from the Emerging Stock Board to a mainboard listing in early February, with a pre-IPO performance briefing set for January 9. Chairman Jeff Cheng stated on the 6th that the company is entering a high-growth phase driven by structural momentum in respiratory therapy and expanded capacity for 2026.

Key Project Updates:

• United Therapeutics (UT) Collaboration: HCmed Innovations is co-developing a drug-device combination for Pulmonary Arterial Hypertension (PAH). Following a US$3 million upfront payment in 2024, the project reached its first development milestone in 2025. Mass production and launch are anticipated between 2027 and 2028.
• Roche/Genentech & Aerogen: The company’s Pulmogine vibrating mesh nebulizer is included in the labeling for Pulmozyme (for Cystic Fibrosis). Partnership with Aerogen Limited has also successfully penetrated the European and US hospital and post-discharge markets.
• Zambon S.p.A.: HCmed Innovations is supporting the development of CMS I-neb, an antibiotic nebulizer for Non-Cystic Fibrosis Bronchiectasis (NCFB). The product has completed Phase III trials and received FDA Breakthrough Therapy Designation.

Capacity Expansion: HCmed Innovations will increase annual capacity from 120,000 units to 400,000 units this year, with capital expenditures capped at NT$100 million. According to *Research and Markets*, the global pulmonary drug delivery device market is projected to reach **US$53.27 billion by 2030**.

Resource: 心誠鎂搶攻高階醫用霧化器藥械合一市場 預計2月上旬興櫃轉上市