Welcome to our dedicated page for 22Nd Century news (Ticker: XXII), a resource for investors and traders seeking the latest updates and insights on 22Nd Century stock.
22nd Century Group, Inc. (NASDAQ: XXII) is a pioneering agricultural biotechnology company based in the United States. The company specializes in reducing the harms associated with smoking through advanced plant science technologies. 22nd Century leverages proprietary technology to precisely control the levels of nicotine in tobacco plants, making them significantly lower or higher through genetic engineering and selective breeding.
22nd Century operates primarily in the tobacco sector, commercializing its proprietary very low nicotine content (VLNC) tobacco plants and cigarette products. These products include reduced nicotine tobacco cigarettes marketed under the brand VLN®, which have up to 97% less nicotine than traditional cigarettes. VLN® received the first and only FDA Modified Risk Tobacco Product (MRTP) authorization for a combustible cigarette in December 2021, underscoring its breakthrough in the industry.
The company also has a significant footprint in the cannabis sector, applying its technology to control cannabinoid levels in cannabis plants, aiming to optimize health and wellness benefits. The company's wholly-owned subsidiaries, Goodrich Tobacco Company and Hercules Pharmaceuticals, focus on premium tobacco products and smoking cessation aids, respectively.
Recent strategic moves include restructuring to streamline operations and improve financial performance. The company has reduced cash use from $15 million a quarter to under $4 million projected for the first quarter of 2024. Recent business highlights feature new contract manufacturing agreements and expanded product lines, such as the Pinnacle brand cigarettes and cigarillos. These efforts are expected to propel 22nd Century towards cash-positive operations by Q1 2025.
Financially, the company has taken steps to bolster its balance sheet, announcing multiple equity transactions to reduce long-term and short-term debt. As of December 31, 2023, the company held $2.1 million in cash, with subsequent capital infusions improving liquidity. Revenue is majorly derived from its tobacco segment, with research cigarettes sold under the SPECTRUM brand adding to commercial activities.
For investors, 22nd Century's commitment to innovation in plant biotechnology presents a compelling case for growth. The company continues to host quarterly earnings calls, with the latest results showing promising advances in both financial metrics and strategic goals. Learn more at xxiicentury.com
22nd Century Group, Inc. (Nasdaq: XXII) announced the appointment of Lucie S. Salhany to its Board of Directors on September 12, 2022. Salhany, a renowned media executive with a history of successful product launches, will enhance the company's focus on tobacco harm reduction and its hemp/cannabis initiatives. Her experience includes being the first woman chair of a major broadcast network, and she will serve on the Corporate Governance and Finance committees. Board Chair Nora B. Sullivan and CEO James A. Mish expressed confidence in her ability to elevate the company's market profile.
22nd Century Group (Nasdaq: XXII) announced significant management changes aimed at accelerating growth in its reduced nicotine content tobacco business. Michael Zercher, President and COO, will depart by September 30, 2022, while John Miller will take over the tobacco-related duties. CEO James A. Mish will also assume the title of Corporate President. The company reported successful pilot results for its VLN® reduced nicotine tobacco product, paving the way for expanded sales and market rollouts across the U.S. This strategic shift is designed to enhance coordination for upcoming product launches.
22nd Century Group, Inc. (XXII) is expanding its VLN® tobacco sales in September, targeting additional stores in Illinois and launching in Colorado through new distribution partnerships. VLN® cigarettes contain 95% less nicotine than traditional cigarettes, promoting a non-addictive smoking option. Partnerships with major retailers like Circle K and Smoker Friendly® will enhance product availability, adding thousands of additional points of sale. The company's strong pilot results in Chicago indicate high demand, aiming to capture a significant share of the $80 billion U.S. tobacco market.
22nd Century Group, Inc. (Nasdaq: XXII) announces that its reduced nicotine content cigarettes, VLN® King and VLN® Menthol King, received the Best New Product award in the cigarette category from Convenience Store News. This recognition reflects consumer demand for alternatives to traditional cigarettes. The company plans to expand its VLN® launch, currently a pilot in Chicago, across Colorado. The Best New Products Awards highlight innovative products in the convenience sector, with judging based on various consumer preferences.
22nd Century Group (Nasdaq: XXII) announced the successful pilot of its VLN® cigarettes in Chicago, which have 95% less nicotine and are FDA-authorized to help smokers reduce consumption. Following positive results, the company plans to expand sales to Colorado. This launch marks a significant step in tobacco harm reduction and positions VLN® as a unique product in the market.
22nd Century Group, Inc. (XXII) reported a strong Q2 2022, with net sales of $14.5 million, up 73% year-over-year. The company exceeded expectations with its VLN® pilot in Chicago, prompting an accelerated launch in Colorado. The recent acquisition of GVB Biopharma is expected to double corporate revenue, enhancing their hemp/cannabis capabilities. The balance sheet was strengthened by a $35 million equity offering. Despite these gains, the operating loss widened to $(10.5 million), and net loss was $(11.5 million) with a net loss per share of $(0.06).
22nd Century Group (XXII) announced a live webcast on August 9, 2022, to discuss its Q2 2022 results. The session is set for 10:00 AM ET, following a press release at 6:00 AM ET. CEO James A. Mish and other executives will review financial outcomes and advancements across the company’s tobacco, hemp/cannabis, and hops sectors. The webcast will include a Q&A session for analysts and interested stakeholders. More information and access to the webcast can be found on the company’s investor relations webpage.
22nd Century Group, Inc. (Nasdaq: XXII) has announced a $35 million above-market financing through a registered direct offering. The company will sell 17,073,175 common stock shares at $2.05 each and issue unregistered warrants for the same number of shares. The funds will be used to support the launch of VLN® reduced nicotine cigarettes across additional U.S. markets. Additionally, the company provided updates on the integration of GVB Biopharma, which has progressed ahead of schedule, promising revenue growth opportunities.
22nd Century Group, Inc. (Nasdaq: XXII) announced a registered direct offering, selling 17,073,175 shares of common stock at $2.05 per share, raising approximately $35 million. The offering includes unregistered warrants for the same number of shares, exercisable at $2.05, expiring five years post-issuance. Proceeds are earmarked for expanding the launch of VLN® reduced nicotine cigarettes, R&D, and corporate purposes. Notably, the offering exceeds market pricing, highlighting investor confidence.
22nd Century Group (Nasdaq: XXII) announces the pilot sales of VLN® cigarettes, which feature 95% reduced nicotine content, aligning with the FDA's proposed rule to reduce nicotine in all cigarettes. The pilot program, conducted in Circle K Stores in the Chicago area, shows strong interest among adult smokers seeking to manage their nicotine consumption. The FDA has granted Modified Risk Tobacco Product (MRTP) authorization, allowing VLN® to be marketed with claims such as 'Helps You Smoke Less'. The company aims for a national launch to assist the 70% of smokers who wish to quit.
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