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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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