PI3K party

A group of VCs that includes several strategic investors provided Aquinox Pharmaceuticals Inc. with $18 million, which should carry it to the verge of Phase III testing for its second-generation inflammatory disease program and a hoped for liquidity event.

Johnson & Johnson Development Corp. led the series C round with participation from other existing investors, including Pfizer Venture Investments; Ventures West Capital; and Baker Brothers Investments. The lone new investor, Augment Investments, is the majority shareholder of Russian pharma Pharmstandard OJSC (RTS:PHST; LSE:PHST)...