A fat-dissolving drug from Kythera Biopharmaceuticals Inc. that reduces double chins was approved by the Food and Drug Administration Wednesday.

The injectable drug, called Kybella, will be the first commercial product for the Westlake Village biotech. Previously, the drug was called ATX-101. According to Kythera, it is the only FDA-approved, non-surgical treatment for chin fat.

"With Kybella, physicians can offer a clinically proven treatment that is customized to the patient and their treatment goals for an improved chin profile,” Chief Executive Keith Leonard said in a statement.

Kythera has spent about 10 years and more than $307 million to achieve FDA approval. The company is also working on a male-pattern baldness medication.

Shares closed down $2.05 or 4.3 percent to $45.59 on the Nasdaq.