Palomar Medical Technologies Inc said U.S. health regulators approved over-the-counter (OTC) marketing of its laser device for treatment of wrinkles around the eyes, sending the aesthetic device maker's shares up as much as 22 percent.

The device was developed by Palomar and completed together with Johnson and Johnson Consumer Companies, under a previously announced deal to develop light-based anti-aging devices, the company said in a statement.

Palomar shares were trading up 21 percent at $13.29 in Friday morning trade on Nasdaq. They touched a high of $13.44 earlier in the session.