The device was developed in conjunction with Johnson & Johnson and is designed to reduce the appearance of wrinkles around the eye.

Commenting on the FDA decision Palomar CEO Joseph P. Caruso said: "This FDA clearance for a laser to treat wrinkles in the home opens up a tremendous opportunity to tap into the multi-billion dollar consumer skin care market with our patented technology.”

According to Reuters, Palomar’s share prices were trading up 21 per cent at $13.29 in Friday morning’s trading following the announcement.