Axios Exclusive: General Proximity Gets $8M for Drug Discovery
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General Proximity raised an $8 million seed to grow its drug discovery platform, CEO Armand Cognetta tells Axios exclusively.
Why it matters: The company's approach shows promise in identifying drug candidates for difficult-to-treat conditions like dementia.
How it works: The company's platform uses proximity therapeutics to take an "undruggable" protein or enzyme and force it in proximity with a drug target.
- "Cells can simplistically be thought of as containers to hold things together to drive chemical reactions," he says.
- The company's platform is a tool to discover which of these "proximity events" are the most therapeutically useful. It's currently focused on cancer, neurodegeneration and longevity.
- "These insights then guide our development of precision therapeutics that recapitulate these interactions," he adds.
Zoom in: The round was led by Aydin Senkut, founder of VC firm Felicis.
- Other investors include Y Combinator, age1, Modi Ventures and Wilson Sonsini, alongside several angel investors.
Catch up quick: The San Francisco company has received five "Golden Ticket" awards from major pharma pitch competitions, which grant startups access to lab space and mentorship.
Yes, but: General Proximity struggled for years until it found a lead for its seed round and "almost ran out of money a few times," Cognetta says.
What they're saying: "It happens in biotech — where early on, they don't get the benefit of the doubt and you really have to grind," says Senkut.
- Most VCs looking at Cognetta's proximity approach might think, "'For 30 years, no one has figured this out, so what makes this different?' We believe in this method and are willing to take the leap of faith with him," Senkut says.
