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 (NASDAQ: XXII) pioneers plant-based solutions for tobacco harm reduction through advanced biotechnology. This news hub provides investors and stakeholders with essential updates on regulatory milestones, product innovations, and operational developments central to the company's mission of reducing nicotine addiction.
Access authoritative coverage of FDA communications, VLN product advancements, and manufacturing capacity updates. Our curated collection includes earnings reports, patent filings, and scientific research collaborations that demonstrate 22nd Century's leadership in developing reduced-nicotine tobacco products.
Key updates feature the company's Modified Risk Tobacco Product authorization, progress in international market expansion, and innovations in nicotine biosynthesis control. Regular updates ensure informed tracking of this biotechnology firm's unique position at the intersection of public health and commercial tobacco production.
Bookmark this page for streamlined access to verified corporate announcements and analysis-free reporting on 22nd Century's progress in redefining tobacco consumption through science-driven solutions.
22nd Century Group (NASDAQ: XXII) has entered into a multi-year agreement with Greenbutts to manufacture innovative, biodegradable cigarette filters at their Mocksville, NC facility. Greenbutts' patented technology aims to replace plastic-based filters with water-soluble, plant-based alternatives, addressing the significant environmental issue of cigarette butt litter. With over 6 trillion cigarettes produced annually and 65% of butts littered, these new filters promise a non-toxic, eco-friendly solution. The partnership will support Greenbutts' FDA approval process, with plans for commercial production to follow, potentially integrating these filters into 22nd Century's VLN® reduced nicotine cigarettes and other conventional brands.
22nd Century Group (NASDAQ: XXII) announced an agreement with Nico-Tech Korea for a full-scale commercial rollout of its VLN® reduced nicotine content cigarettes in South Korea.
The decision follows a 2022 pilot test that led to product adjustments to match local preferences. CEO Larry Firestone highlighted South Korea's unique market with high smoking rates and governmental efforts to reduce smoking harms.
VLN® export shipments are expected to begin later this year, with a full launch event planned for Fall 2024. Nico-Tech will handle local marketing and meet minimum order quantities for distribution. South Korea's tobacco market is valued at an estimated $1.6 billion annually, with high smoking prevalence among adult men and a smaller percentage among adult women.
22nd Century Group (NASDAQ: XXII), a company specializing in nicotine harm reduction and contract manufacturing, has announced its participation in the Emerging Growth Virtual Conference scheduled for July 17, 2024. The presentation will take place at 11:25 AM Eastern Time and can be accessed through their events page online. Viewers may submit questions in advance to Questions@EmergingGrowth.com. This event highlights the company's ongoing efforts to engage with investors and showcase their initiatives in the tobacco industry.
22nd Century Group (NASDAQ: XXII) announced a $1.5 million reduction in its secured debt following a payment from GVB. This payment stems from a promissory note linked to GVB's acquisition of 22nd Century's hemp/cannabis assets in December 2023. Consequently, the remaining $500,000 debt has been extended to December 31, 2024. CEO Larry Firestone highlighted that this repayment contributes to a reduction in total outstanding debt and obligations to $8.3 million from $15.8 million at the end of 2023, significantly lowering both cash and non-cash interest expenses.
22nd Century Group (NASDAQ: XXII) announced that John Miller will resign as President of Tobacco, effective August 2, 2024. Miller was instrumental in launching the VLN® product, which reached over 5,000 stores across 26 states. He also expanded the company's contract manufacturing operations, notably the Pinnacle store brand for a major convenience store chain. CEO Larry Firestone expressed gratitude for Miller's contributions, stating that the company is well-positioned to continue its growth trajectory.
22nd Century Group (NASDAQ: XXII) reported its financial results for Q1 2024, showing major improvements compared to the previous periods. Net revenue from continuing operations reached $6.5 million, focusing on higher margin products. The company significantly reduced its cash used in operations to $2.3 million from $17.5 million year-over-year. Gross profit was reported at $(1.1) million due to one-time charges. Operating expenses fell to $3.3 million from $10.4 million in Q1 2023. Net loss decreased to $5.5 million, and adjusted EBITDA showed a loss of $3.5 million, both improved from the previous year. The company strengthened its balance sheet by increasing its cash position to $4.8 million and reducing debt by $8.0 million through equity exchanges.
22nd Century Group, Inc. (NASDAQ: XXII) announced the elimination of $2.3 million in debt with JGB Capital through a binding agreement. The company will exchange debt for approximately 1.375 million shares of common stock and pre-funded warrants, defer principal repayment until August 2024, and aims to achieve cash flow positivity by Q1 2025. The deal strengthens the balance sheet and supports commercial initiatives, including new contracts driving sales growth.
22nd Century Group, Inc. (XXII) will participate in the Aegis Capital Virtual Conference on May 9, 2024, focusing on nicotine harm reduction. The presentation will be held at 2:30 PM Eastern Time. Investors can access the live event online through the provided link.
22nd Century Group, Inc. (XXII) will announce its 2024 first quarter results on May 15, 2024, with a live webcast featuring the chairman and CEO Larry Firestone and CFO Dan Otto. The company focuses on tobacco harm reduction for health and wellness. The webcast will include financial reviews, progress updates, and a Q&A session.
22nd Century Group, Inc. (NASDAQ: XXII) eliminates $5.2 million of debt through an above-market equity transaction, enhancing the balance sheet, reducing interest expenses, and increasing shareholder equity. The company exchanged cash, common stock, and warrants with Omnia, aiming to become cash positive by Q1 2025. The transaction, detailed in an 8-K filing, restricts Omnia from owning more than 19.99% of common stock outstanding.
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