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22Nd Century Group, Inc. (XXII) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

22Nd Century Group, Inc.

CIK: 1347858 Ticker: XXII

Exhibit 99.1

 

22nd Century Group Files 2017 Third Quarter Report and Announces

Conference Call to Provide Business Update

 

22nd Century’s proprietary Very Low Nicotine cigarettes demonstrate that the FDA’s planned mandate for cigarettes with non-addictive levels of nicotine is both achievable and realistic.

 

Leading regulatory expert, Dr. James Swauger, will lead and oversee the re-submission to the FDA of the Company’s MRTP application for BRAND A Very Low Nicotine Content cigarettes.

 

Current Cash Balance is the Highest in Company History.

November 9, 2017

 

Clarence, New York – 22nd Century Group, Inc. (NYSE American: XXII), a plant biotechnology company that is focused on tobacco harm reduction and hemp/cannabis research, announced today the Company’s third quarter 2017 financial results and will provide a business update for investors on a conference call to be held on Friday, November 10th, at 3:00 PM (Eastern Time).

 

Henry Sicignano, III, President and Chief Executive Officer of 22nd Century Group, together with John T. Brodfuehrer, Chief Financial Officer, will conduct the call. Interested parties are invited to participate in the call by dialing: (800) 263-8506 and using Conference ID 5632189. The conference call will consist of an overview of recent business highlights and a summary of the financial information presented in the Company's third quarter 2017 Form 10-Q. Immediately thereafter, there will be a question and answer segment open to all callers.

 

Although 22nd Century has not yet received revenues from licensing or from broad commercial sales of the Company’s proprietary Very Low Nicotine tobacco, third quarter results show that 22nd Century is continuing to experience the benefits of newly signed manufacturing agreements. Revenues for the third quarter increased to approximately $4.5 Million – a 46.3% increase over the revenues for the third quarter of 2016 and the highest quarterly revenue in the Company’s history. 22nd Century continues to project that year-end revenue will exceed $16 Million – a new record for the Company. In addition to climbing revenues, 22nd Century currently has approximately $65 million in cash, the highest amount of cash on hand in the history of the Company. 22nd Century’s cash reserves are sufficient to meet all regular operating expenses for at least the next 5 years.

 

On July 28, 2017, the FDA announced its plans to mandate the lowering of nicotine levels in all combustible cigarettes sold in the United States to minimally or non-addictive levels. The FDA announcement stated that “lowering nicotine levels could decrease the likelihood that future generations become addicted to cigarettes and allow more currently addicted smokers to quit smoking.” The Washington Post called the FDA’s nicotine mandate, “…the most important public-health initiative of the century.” On July 31, 2017, we announced that we are already capable of achieving the FDA’s new reduced nicotine standard. Our proprietary Very Low Nicotine tobacco, with up to 95% less nicotine than tobacco contained in conventional cigarettes, is grown on independently-owned farms in the United States – without any artificial extraction or chemical processes. 22nd Century’s proprietary Very Low Nicotine cigarettes have demonstrated that the FDA’s planned mandate for cigarettes with non-addictive levels of nicotine is both achievable and realistic. The Company believes that the implementation of an FDA mandate that lowers nicotine levels in all combustible cigarettes sold in the United States will save millions of lives and billions of dollars in healthcare costs per year. Matthew Myers, the president of anti-smoking group Campaign for Tobacco-Free Kids, asserted in an August 9, 2017 Bloomberg News article that the new FDA plan could lead to “the most fundamental change the tobacco industry has ever seen.”

 


The following information was filed by 22Nd Century Group, Inc. (XXII) on Thursday, November 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In Shareholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Commitments And Contingencies
Commitments And Contingencies (future Minimum Lease Payments) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Earnings Per Common Share
Earnings Per Common Share (anti-dilutive Securities Outstanding Excluded From Computation) (details)
Earnings Per Common Share (computation Of Basic And Diluted Earnings Per Common Share) (details)
Earnings Per Common Share (tables)
Equity Based Compensation
Equity Based Compensation (narrative) (details)
Equity Based Compensation (schedule Of Fair Value Assumptions) (details)
Equity Based Compensation (summary Of All Stock Option Activity) (details)
Equity Based Compensation (tables)
February 2016 Registered Direct Offering
February 2016 Registered Direct Offering (narrative) (details)
Investment In Anandia
Investment In Anandia (narrative) (details)
Joint Venture, Consulting Agreement And Associated Warrants
Joint Venture, Consulting Agreement And Associated Warrants (narrative) (details)
July 2016 Registered Direct Offering
July 2016 Registered Direct Offering (narrative) (details)
June 2017 Warrant Exercise Agreements
June 2017 Warrant Exercise Agreements (narrative) (details)
Machinery And Equipment
Machinery And Equipment (details)
Machinery And Equipment (narrative) (details)
Machinery And Equipment (tables)
Manufacturing Facility
Manufacturing Facility (narrative) (details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (details 1)
Nature Of Business And Summary Of Significant Accounting Policies (details)
Nature Of Business And Summary Of Significant Accounting Policies (narrative) (details)
Nature Of Business And Summary Of Significant Accounting Policies (policies)
Nature Of Business And Summary Of Significant Accounting Policies (tables)
Notes Payable And Patent Acquisition
Notes Payable And Patent Acquisition (narrative) (details)
October 2016 Registered Direct Offering
October 2016 Registered Direct Offering (narrative) (details)
Severance Liability
Severance Liability (narrative) (details)
Subsequent Events
Subsequent Events (narrative) (details)
Warrants For Common Stock
Warrants For Common Stock (narrative) (details)
Warrants For Common Stock (outstanding Warrants) (details)
Warrants For Common Stock (roll-forward Of Warrant Liability From Initial Valuation) (details)
Warrants For Common Stock (tables)
Warrants For Common Stock (warrant Activity) (details)

Material Contracts, Statements, Certifications & more

22Nd Century Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: XXII
CIK: 1347858
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-17-057726
Submitted to the SEC: Thu Nov 09 2017 4:11:49 PM EST
Accepted by the SEC: Thu Nov 09 2017
Period: Saturday, September 30, 2017
Industry: Cigarettes

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