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Abbott Laboratories received Food and Drug Administration approval for a new implantable lens, the drug and medical device maker said Wednesday.

The company received approval for the Tecnis multifocal 1-Piece intraocular lens for cataract patients. The approval covers patients both with and without presbyopia, a condition where the eye loses its ability to focus.

Intraocular lenses are implanted in a patient's eye after the removal of the natural lens that has become clouded by a cataract, the company said.

Shares of Abbott rose 29 cents to $55.09 in afternoon trading.

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