FreeMind Investments and Daewoong Pharmaceutical Co., Ltd. Invest in General Proximity

Investment reflects General Proximity's strong scientific position and innovation in next-generation induced proximity medicines, and the interest in a potential future strategic collaboration from Daewoong Pharmaceutical.

SAN FRANCISCO, May 4, 2026 /PRNewswire/ -- FreeMind Investments (FMI), a venture capital fund launched in partnership between FreeMind Group and Daewoong Pharmaceutical Co., Ltd., today announced its investment in General Proximity, a San Francisco-based biotechnology company pioneering the next generation of induced proximity medicines.

General Proximity has built the first mechanism-agnostic proximity discovery engine centered on scanning the "effectome"—the set of effector proteins that can modulate disease causing proteins to control biology and enable the development of highly efficacious proximity therapeutics for targets previously beyond the reach of medicine. The company has raised over $20 million, secured five "Golden Ticket" awards from major pharma companies (AbbVie, Servier, Astellas, Ono, Bristol-Myers Squibb), received non-dilutive grants from ARPA-H and the NIH's National Cancer Institute and most recently announced a strategic multi-target collaboration with Daiichi Sankyo applying its proprietary OmniTAC platform to several oncology programs. The company is advancing its own programs across oncology, cardiometabolic disease, neurodegeneration, and longevity.

FreeMind Group, founded in 1999, is the leading non-dilutive funding consultancy for life science organizations, having secured over $2 billion for its clients to date and garnering over $100 million annually. FMI leverages this unique vantage point—using the non-dilutive funding review process as a differentiated due diligence tool to identify high-conviction investment candidates early—while also providing investees with pharma deal-making access, including co-development opportunities and entry into the Asian market.

Established in 1945, Daewoong Pharmaceutical Co., Ltd. is a leading South Korean pharmaceutical company developing, manufacturing, and commercializing first-in-class and best-in-class pharmaceuticals across global markets, with strategic partnerships in more than 100 countries. This investment reflects Daewoong Pharmaceutical's strategic interest in General Proximity's platform and its intent to explore a future strategic collaboration.

"FMI was built to translate deep non-dilutive funding intelligence into investment conviction," said Ram May-Ron, Founder and Managing Partner at FreeMind Investments. "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."

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

"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."

ABOUT FREEMIND INVESTMENTS (FMI)

FreeMind Investments (FMI) is a venture capital fund launched in partnership between FreeMind Group and Daewoong Pharmaceutical Co., Ltd., making direct equity investments while leveraging the non-dilutive funding review process to identify promising life science investment opportunities and bridge the biotech startup "valley of death."

ABOUT FREEMIND GROUP

Founded in 1999, FreeMind Group is the leading non-dilutive funding consultancy for life science organizations, having helped clients secure over $2 billion in funding to date, garnering over $100 million annually across NIH, DoD, BARDA, NSF, FDA, and private foundations.

ABOUT DAEWOONG PHARMACEUTICAL CO., LTD.

Established in 1945, Daewoong Pharmaceutical Co., Ltd. is a leading South Korean pharmaceutical company that develops, manufactures, and commercializes pharmaceuticals globally, with in-house R&D capabilities, international operations across Asia and the United States, and strategic partnerships in more than 100 countries worldwide.

ABOUT GENERAL PROXIMITY

General Proximity is a biotechnology company advancing next-generation induced proximity medicines. Its proprietary OmniTAC™ platform enables unbiased identification of effector proteins capable of modulating disease-relevant targets, unlocking new opportunities across oncology and other therapeutic areas. The company is advancing multiple preclinical programs generated by the OmniTAC™ platform. 

SOURCE General Proximity