Aquinox Pharmaceuticals Prices Initial Public Offering

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| Source: Aquinox Pharmaceuticals, Inc.

VANCOUVER, British Columbia, March 7, 2014 (GLOBE NEWSWIRE) -- Aquinox Pharmaceuticals, Inc. announced today the pricing of its initial public offering of 4,200,000 shares of its common stock at a public offering price of $11.00 per share for an aggregate offering of $46.2 million, before underwriting discounts, commissions and estimated expenses. All of the shares of common stock are being offered by Aquinox. The Company's common stock has been approved for listing on the NASDAQ Global Market and is expected to begin trading today under the ticker symbol "AQXP". In addition, Aquinox has granted the underwriters a 30-day option to purchase up to 630,000 additional shares of common stock at the offering price. The offering is expected to close on March 12, 2014, subject to customary closing conditions.

Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers and Canaccord Genuity Inc. is acting as co-manager for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 6, 2014. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: 877-547-6340, e-mail: Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 631-274-2806, Fax: 631-254-7140.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Aquinox Pharmaceuticals

Aquinox Pharmaceuticals, Inc. is a clinical stage pharmaceutical company discovering and developing novel, small molecule therapeutics targeting SH2-containing inositol-5'-phosphatase 1 ("SHIP1") for the treatment of inflammatory disease and cancer.

Kamran Alam, VP Finance and CFO
Aquinox Pharmaceuticals, Inc.
604.629.9223


Jason Robertson, Director, Business Development
Aquinox Pharmaceuticals, Inc.
604.629.9223