(CNN) — The U.S. Food and Drug Administration has approved a new cholesterol-lowering medication.

Nexletol is a once-daily tablet that is an alternative for millions of patients who can’t take or don’t respond well to statins.

The company says it’s the first drug of its kind approved in nearly two decades.

During studies, the drug reduced cholesterol in patients by an average of 18-percent when used with moderate or high-intensity statins.

The new drug could become available as early as late March.