Duke University spin-out Aerie Pharmaceuticals files with the SEC for initial public offering.

Aerie Pharmaceuticals, a life sciences firm specialising in tackling eye diseases, has filed for its initial public offering (IPO) with a fundraising target of $57.5m.

The US-based biotech, founded in 2005, is commercialising research from Duke University into ophthalmic disease. Its main product, a treatment for glaucoma, is currently wrapping up Phase II trials with Phase III imminent.

The spin-out intends to float on the Nasdaq under the ticker symbol AERI.

Aerie, which is yet to generate revenue, has raised over $70m in venture backing. The firm held a series B backed by venture firms Clarus, Sofinnova, TPG Biotech, and Alta Partners, and joined by university investment consortium Osage University Partners, for $30m in 2011.

Alta and TPG hold 27.06% each in the spin-out, with Clarus at 21.77%, Sofinnova at 19.27% according to the firm’s S-1.