The presence of soluble fiber carries cholesterol out of the body, while the plant sterols block its absorption from food, said Right Direction Foods.
Functional foods are believed to be the fastest growing sector of the food industry; the market was worth €4 billion ($4.7) in Western Europe and $19 billion (€16.2) in the US in 2004, according to Datamonitor.
The company's study indicated a significant decrease in total cholesterol and LDL cholesterol in patients who ate two of the new cookies each day for 30 days.
The results of the study were presented at the third annual Scripp's Integrative Medicine Conference of Natural Supplements.
Right Direction Foods will launch the cookies in the US this year.
The participants in the study were moderate sufferers of high cholesterol and ate either the new branded cookies or a placebo one for four weeks.
After the initial four weeks had expired the participants were given then given a four week break before crossing over to eat the opposite cookies for a further four week period.
Throughout the study patients were allowed to continue their normal diet and level of exercise.
The study showed a drop in cholesterol from 217 mg/dL to 203 mg/dL. In LDL cholesterol a drop of 133 mg/dL to 120 mg/dL occurred.
The American Heart Association sets high cholesterol levels at 200 mg/dL or higher.
At least 50 per cent of American adults have high cholesterol, the association states.
Two nutritionists created the cookie product. They claim the cookies contain eight grams of soluble fiber and 2.6 grams of plant sterols.
"Right Direction cookies are a great first-line option to help lower cholesterol for people with mild to moderate high cholesterol," said Wendy Miller, co-founder of RD Foods.
Miller and her business partner Norman Null expect to launch the cookies in the first quarter of 2006.
The cookies are the debut product for RD Foods. The New Jersey based company is currently privately held.