Funding supports a European, pivotal registrational trial targeting secondary brain
damage in patients with severe traumatic brain injury
- Financing of EUR 35 million led by ATHOS KG, with participation from MIG, Meneldor and Oost NL
- Proceeds will support a European, multicenter Phase 3b trial with subsequent application for marketing authorization in Europe
- Ronopterin is a first-in-class inhibitor of inducible nitric oxide synthase (iNOS), targeting key drivers of secondary brain injury
Nijmegen, Netherlands, April 15, 2026
TIBEAY Biosciences B.V., a clinical-stage biotechnology company focused on the development
of innovative therapies for acute neurological conditions, today announced the successful
closing of a EUR 35 million financing round. The round is led by ATHOS KG, with participation
from MIG, Meneldor and Oost NL.
The proceeds will primarily be used to advance the clinical development of Ronopterin, the
Company’s lead substance, through a European, multicenter Phase 3b trial. The study is
designed as a registrational trial and is intended to form the basis for a future marketing
authorization application in Europe.
Traumatic brain injury (TBI) is one of the leading causes of death and long-term disability
worldwide. It is estimated that approximately 50 million new cases occur each year globally,
with around 10% classified as severe TBI. In Europe alone, TBI accounts for approximately 1.5
million hospital admissions annually. For patients and their families, TBI often results in lifelong
impairment, significantly affecting quality of life and independence. Despite this substantial
medical and societal burden, there are currently no approved pharmacological therapies that
directly target secondary injury mechanisms in patients with severe TBI.
While the primary injury occurs at the time of trauma, a significant proportion of the resulting
neurological damage is driven by secondary processes, including formation of cytotoxic
reactive oxygen and nitrogen species.
Ronopterin is a small molecule inhibitor of inducible nitric oxide synthase (iNOS), an enzyme
that is upregulated following TBI and contributes to the formation of neurotoxic oxygen and
nitrogen radicals. By selectively inhibiting iNOS, Ronopterin reduces key drivers of secondary
brain injury and thereby improves neurological outcomes and patients’ quality of life.
The planned Phase 3b trial builds on previous clinical experience and will enroll patients with
acute severe TBI across multiple European countries. The study design has been optimized
based on previous insights, including an earlier start of treatment and a more targeted patient
population.
In addition to the clinical development, the financing will support manufacturing of clinical
supply, supply chain readiness as well as regulatory and operational preparations for a potential
marketing authorization in Europe. Selected preparatory activities to support future market
access will also be undertaken.
Dr. Martha Smets, Investment Manager at ATHOS commented: “What convinced us about
TIBEAY is the rare combination of a clearly defined unmet medical need, robust clinical data and
a well-understood mechanism of action. Ronopterin is therefore significantly more de-risked
than typical neuro assets at this stage of development, while at the same time opening up a
distinct market opportunity that is highly attractive for specialized pharma partners.”
Andreas Kastenbauer, Partner at MIG Capital stated: “With TIBEAY, we are investing in a highly
promising therapeutic approach. Ronopterin targets a biological pathway whose medical
relevance was recognized with the Nobel Prize in Physiology or Medicine. As investors, we aim to
help address a significant unmet medical need.”
Prof. Dr. John Stover, CMO at TIBEAY added: “Despite advances in critical care, there is still no
approved specific pharmacological therapy targeting secondary brain damage in severe
traumatic brain injury. With Ronopterin we are at the verge of a medical breakthrough as
Ronopterin has the potential to improve neurological outcomes and patients’ quality of life after
severe traumatic brain injury.”
Paul Lelieveld, Managing Partner at Meneldor said: “We are very pleased to partner with ATHOS,
MIG Capital and Oost NL in advancing a meaningful therapeutic approach for traumatic brain
injury. We would like to thank the management team, and all involved for their strong
commitment and execution to date.”
About TIBEAY:
TIBEAY Biosciences B.V., a Netherlands-based clinical-stage biotechnology company, focuses
on developing therapies for acute neurological conditions. Its lead compound, Ronopterin, a
selective iNOS inhibitor, is in Phase 3b development for severe traumatic brain injury. It aims to
reduce secondary brain injury, a condition with no approved pharmacological treatment. The
objective is to achieve meaningful and long-lasting improvement of patients’ neurological
outcome and quality of life.
For more information: tibeay-biosciences.com
About ATHOS:
ATHOS KG is a Munich based single family obice. ATHOS with its heritage in healthcare and life
sciences invests in teams with exceptional science expertise and technology-driven companies
with an entrepreneurial and value-based approach.
About Meneldor:
Meneldor is a Dutch life-sciences investment firm backing exceptional science with disciplined
VC capital to build and scale European biopharma with real impact. Meneldor obers its
investors access to carefully curated co-investments in pre-clinical up to Phase 3 biotech and
pharma – a space that is complex, has high-risk and potentially yields high-returns. Meneldor
focuses on meaningful, innovative and feasible therapies that have the potential to change
standards of care, not just incrementally improve them.
For more information: www.meneldor.nl
About Oost NL:
Oost NL is the regional development agency for the eastern part of The Netherlands. Oost NL
works from a social mission: to contribute to the necessary transitions for a sustainable and
healthy future. We do this by working together with partners to strengthen those innovation
themes in which entrepreneurial East Netherlands is powerful: food, health, tech, energy and
circular. We support innovative companies in their development, invest in them with public
funds, and connect the region with national and international players. We are committed to
social and economic impact. Oost NL commissioned by the Ministry of Economic Abairs and
Climate, the province of Gelderland, and the province of Overijssel.
For more information: www.oostnl.nl
About MIG Capital
MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests
in young deep tech and life sciences companies in German-speaking Europe and beyond. To
date, the company has invested €800 million in approx. 60 start-ups. MIG portfolio companies
develop innovations in areas including biopharmaceuticals, energy and environmental
technologies, advanced computing, digitalization/ IoT, medical technology, and digital health.
The MIG investment portfolio currently consists of more than 30 companies.
MIG’s investment team is made up of a dedicated group of engineers, scientists, physicians, and
entrepreneurs who use analytical and creative processes to assess the risks and opportunities of
business models and technologies. Their reputation, experience, and network provide excellent
access to companies, institutions and decision-makers to support the growth of their portfolio
companies.
In recent years, MIG Capital has realized more than ten successful portfolio company sales,
including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on
the stock exchange including BRAIN, NFON, BioNTech, and Immatics.
For further information, please visit: www.mig.ag , www.mig-fonds.de or LinkedIn.