22nd Century Group Inc (NYSEMKT:XXII) shares were up 4.17% to $1.25 on Thursday but retreated 0.80% to $1.24 in after-hours trading. Share prices have been trading in a 52-week range of $0.73 to $1.71. The company has a market cap of $125.97 million at 90.70 million shares outstanding.
In a press release, 22nd Century Group Inc shared that leading scientists published more than 12 new studies involving the company’s Very Low Nicotine cigarettes at the 23rd Annual Meeting of the Society for Research on Nicotine & Tobacco in Italy. Scientists at this conference substantially expanded the understanding of the company’s VLN tobacco and its importance to smokers.
“As evidenced by this newest slate of impressive scientific studies that were presented at the SRNT Annual Meeting in Florence, 22nd Century’s proprietary VLN cigarettes are a highly effective tool in reducing smokers’ exposure to nicotine,” explained Henry Sicignano III, President and Chief Executive Officer of 22nd Century Group Inc. “Called the ‘ultimate harm reduction strategy’ by former FDA Commissioner Dr. David Kessler, cigarettes with non- or minimally-addictive levels of nicotine are a tremendously important product… whose time has come.”
Many of the presentations provided evidence in support of a nicotine reduction policy in the US where a team led by Dr. Neal Benowitz at The University of California San Francisco concluded that their data support “the feasibility and safety of a nation-wide policy to reduce the nicotine content of cigarettes to non- or minimally-addictive levels.”
22nd Century Group Inc is a plant biotechnology company focused on technology that allows increasing or decreasing the level of nicotine and other nicotinic alkaloids in tobacco plants, and levels of cannabinoids in cannabis plants through genetic engineering and plant breeding.
The company is engaged in various activities, including research and development of less harmful or modified risk tobacco products and tobacco plant varieties; development of X-22, a smoking cessation aid consisting of very low nicotine (VLN) cigarettes; manufacture, marketing and distribution of its RED SUN and MAGIC cigarettes; production of SPECTRUM research cigarettes for the National Institute on Drug Abuse (NIDA); contract manufacturing of third-party branded tobacco products, and research and development of plant varieties of hemp/cannabis, such as plants with low to no amounts of delta-9-tetrahydrocannabinol (THC), plants with high levels of cannabidiol (CBD), and other non-THC cannabinoids.