It has been reported that an injection developed by Kythera Biopharmaceutical Inc to get rid of double chin was backed by an independent panel of experts on Monday.

Stock of the biopharmaceutical company has tripled since it went public in 2012. Investors bet that the company's drugs can be the first ever drug approved in the United States to reduce localized fat deposits.

FDA's acceptance of recommendations given by the panel has brought the drug, ATX-101, closer to approval by the agency.

The drug, ATX-101, is a formulation of synthetically derived deoxycholic acid, which helps to destroy the fat that gets collected under the chin. The positive feature about the drug is that it destroys the fats without affecting the surrounding tissues.

Other injectables, such as Allergan Inc's Botox and dermal fillers are normally used to smoothen the areas of face. Removal of fat involves more radical procedures and is even quite expensive.

According to the American Society for Dermatologic Surgery, submental, or below the chin, liposuction costs from $2,700 to $5,175. Kythera as of now has not revealed the price it will be charging for the injection.

As per experts, the double chin fat can be caused by a several factors including genetics and lifestyles, and can also be resistant to diet and exercise.

It is expected that Kythera's drug will get its approval from FDA by May 13, when the FDA is scheduled to make its final decision.

As per market analysts, the drug will help the company to generate at least half a billion dollars in the peak US sales.

They further said that makers of dermatologic and aesthetic drugs, including Nestle SA's Galderma, Allergan Inc, and Johnson & Johnson would find ATX-101 more attractive.

Kythera's stock jumped on Thursday by 25%. The stock close on Friday at $53.13.