General Proximity Secures Key Investment to Target 'Undruggable' Diseases

SAN FRANCISCO, CA – May 04, 2026 – General Proximity, a biotechnology firm pioneering a new class of medicines, has secured a significant investment from FreeMind Investments (FMI) and its partner, South Korean pharmaceutical giant Daewoong Pharmaceutical Co., Ltd. The investment, announced today, serves as a powerful endorsement of the San Francisco-based company's innovative approach to tackling diseases by targeting proteins long considered beyond the reach of conventional medicine.

The deal not only injects fresh capital into General Proximity but also signals a potential future strategic collaboration with Daewoong, a move that could provide a crucial gateway into the lucrative Asian market. For General Proximity, this investment validates its unique scientific platform and accelerates its mission to develop therapies for a wide range of conditions, including oncology, cardiometabolic disease, and neurodegeneration.

A New Frontier in Medicine: The Science of Induced Proximity

For decades, drug development has largely followed a "lock and key" model, where small molecules are designed to fit into and block the active sites of disease-causing proteins. However, it is estimated that over 85% of the body's proteins lack these well-defined pockets, rendering them "undruggable" by traditional means. General Proximity is at the forefront of a paradigm shift aiming to overcome this limitation through induced proximity medicines.

This novel therapeutic modality doesn't directly inhibit a target protein. Instead, it acts as a molecular matchmaker, using specially designed molecules to bring a disease-causing protein into close proximity with another, beneficial protein. This induced interaction can trigger a variety of therapeutic outcomes, such as tagging the harmful protein for destruction by the cell's own waste disposal system—a process popularized by technologies like PROTACs (PROteolysis TArgeting Chimeras).

General Proximity's proprietary OmniTAC™ platform takes this concept a step further. The company describes it as the first "mechanism-agnostic" discovery engine focused on scanning the entire "effectome"—the complete set of effector proteins that can be recruited to modulate a target. Instead of being limited to protein degradation, OmniTAC™ can uncover the most effective proximity-induced mechanism for any given target, whether it be degradation, stabilization, inhibition, or altering its location within the cell. This unbiased approach dramatically expands the therapeutic toolkit, opening up new possibilities for precise and potent medicines.

A String of High-Profile Endorsements

The investment from FMI and Daewoong is the latest in a series of significant validations for General Proximity. Prior to this funding, the company had already raised over $20 million, including a $16 million seed round in early 2025 and pre-seed backing from prominent investors like Y Combinator.

Perhaps more telling of its scientific promise is the industry's direct endorsement. General Proximity has secured five coveted "Golden Ticket" awards from pharmaceutical titans AbbVie, Servier, Astellas, Ono, and Bristol-Myers Squibb. These awards provide lab space and resources at leading biotech incubators, signaling deep industry interest in the company's early-stage research.

Furthermore, the company's work has attracted significant non-dilutive funding from prestigious government bodies, including the National Cancer Institute (part of the NIH) and ARPA-H. As part of the ARPA-H Sprint for Women's Health, General Proximity received $3 million to advance its main program. This peer-reviewed funding underscores the robust scientific merit of its platform. This momentum recently culminated in a strategic multi-target collaboration with Daiichi Sankyo, a global leader in oncology, to apply the OmniTAC™ platform to discover new cancer therapies.

'Smart Capital': The Unique Strategy of FreeMind and Daewoong

The new investors bring more than just capital; they bring a unique strategic advantage. FreeMind Investments (FMI) is a venture fund born from a partnership between Daewoong Pharmaceutical and FreeMind Group, a leading consultancy that has secured over $2 billion in non-dilutive funding for life science clients.

FMI employs a distinctive investment thesis. It leverages the rigorous, peer-reviewed process of securing non-dilutive grants as a form of differentiated due diligence. By analyzing which companies successfully navigate this demanding process, FMI identifies high-conviction investment candidates early in their lifecycle.

"FMI was built to translate deep non-dilutive funding intelligence into investment conviction," said Ram May-Ron, Founder and Managing Partner at FreeMind Investments, in a statement. "General Proximity stands out for the quality of its science, the strength of its team, and its potential to unlock new therapeutic options for targets long considered out of reach."

For Daewoong Pharmaceutical, a leading player in the South Korean market with a global presence, the investment represents a strategic bet on a next-generation technology. The company has explicitly stated its interest in exploring a future strategic collaboration, which could leverage General Proximity's platform for Daewoong's pipeline and provide the U.S. biotech with a pathway into Asian markets.

"We see significant strategic potential in General Proximity's induced proximity approach," stated Seongsoo Park, CEO of Daewoong Pharmaceutical Co., Ltd. "We look forward to building a future strategic collaboration with the General Proximity team."

Charting the Competitive Landscape

The field of induced proximity is one of the hottest areas in drug discovery, attracting billions in investment and partnerships. Companies like Arvinas, Kymera Therapeutics, and Nurix Therapeutics have become major players, primarily focusing on the protein degradation aspect of the technology. Meanwhile, pharmaceutical giants like Bristol Myers Squibb have a long history with "molecular glues," a related class of proximity-inducing drugs.

In this competitive arena, General Proximity aims to differentiate itself with the breadth and versatility of its OmniTAC™ platform. By remaining mechanism-agnostic, the company is not limited to a single outcome like degradation. This flexibility could be a key advantage, allowing its scientists to select the optimal biological solution for each specific disease target.

The company's broad therapeutic focus—spanning oncology, cardiometabolic disease, neurodegeneration, and even longevity—also sets it apart, showcasing the wide-ranging applicability of its discovery engine. As the company absorbs this new investment and deepens its partnerships, the industry will be watching closely to see if its platform can deliver on the promise of drugging the undruggable.

"We are excited to welcome FreeMind Investments and Daewoong Pharmaceutical as investors," said Armand Cognetta, Founder & Chief Executive Officer of General Proximity. "Their investment conviction and deep expertise in drug discovery validates our scientific approach and the high-impact pipeline we are building."