22nd Century Group Inc (NYSEMKT:XXII) shares are up 4.27% to $1.71 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.77 to $1.75. The company has a market cap of $174.59 million at 90.90 million shares outstanding.
In a press release, 22nd Century Group shared that its research collaboration with North Carolina State University has yielded several new Very Low Nicotine tobacco varieties that contain no foreign DNA and no trace of genetic modification. These are suited for use in the company’s X-22 smoking cessation product in development and can also be used as basis for other products.
“We are absolutely delighted that we have achieved our goal of producing non-GMO Very Low Nicotine tobacco,” explained Dr. Paul Rushton, 22nd Century’s Vice President for Plant Biotechnology. “Because our new non-GMO varieties contain no foreign DNA, these proprietary varieties will open up huge new markets around the world. What’s more, 22nd Century’s second-generation non-GMO VLN tobacco varieties produce an even higher quality tobacco that will further improve our Very Low Nicotine finished products.”
22nd Century Group Inc is a plant biotechnology company that is 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 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.