The product is called Neotensil, and it was developed by a skin experts at Harvard Medical School and scientists from MIT.
Neotensil is applied in 2 layers - a re-shaping base, and an activator which is supposed to draw in the loose skin and eliminate "crepe-y" wrinkly skin under the eyes.
Together they form an invisible elastic membrane.
The company - Living Proof, Inc. - says results start in 10 minutes, but the bags will continue to lessen for 3 to 4 hours.
To take it off at the end of the day, it's softened with a special solution, then peeled off.
Neotensil is pricey - about $500, and it's only available through dermatologists. However, Dr. Doris Day, a New York City skin specialist, told ABC's Good Morning America she's convinced it works."It's the best thing I've seen," she said. "It's kind of a way of holding you up in an invisible way. It helps the under-eye bag, but also if you have wrinkles in that area, the skin overall looks smoother."
Jennifer Aniston apparently also believes in it - she has invested in the company.