Business
22nd Century Announces Executive Leadership Changes
Expands Board with New Highly Accomplished Independent Director Strengthens Balance Sheet and Implements $15 Million Cost Reduction Initiative BUFFALO, N.Y.,
About this update from 22nd Century Group, Inc
[{"type":"text","content":"Expands Board with New Highly Accomplished Independent Director Strengthens Balance Sheet and Implements $15 Million Cost Reduction Initiative BUFFALO, N.Y., July 24, 2023 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (Nasdaq: XXII), a leading biotechnology company dedicated to improving health with reduced nicotine tobacco, hemp/cannabis and hops advanced plant technologies, announced today that John Miller, who leads the tobacco business unit, has been appointed as interim Chief Executive Officer. James A. Mish, who has served as CEO since June 2020, will continue to serve as a member of the Board of Directors. The Company has secured an additional $11.7 million in gross proceeds from a registered direct financing and announced the commencement of an estimated $15 million annualized cost reduction initiative. Last, 22nd Century appointed Wall Street veteran Andrew (“Andy”) Arno to its Board of Directors as an independent director. “I have enjoyed advancing the key initiatives of 22nd Century, building an accomplished team of dedicated individuals taking this Company from an R&D organization focused on plant science, to a fully commercial consumer products business,” Mish. “I am particularly proud of the work we have done to date on tobacco harm reduction while simultaneously building a competitive array of products that serve our hemp/cannabis customers. As a result, we are at an opportune juncture to enhance John Miller’s leadership role to take our VLN business to the next level.” “I look forward to continuing to advance our mission of innovative plant technologies tied to tobacco harm reduction and new consumer focused health and wellness products,” said Miller. “VLN® represents the most unique and innovative approach to harm reduction in years, providing adult smokers with a truly unique, clinically studied solution to reducing their smoking habit. Likewise, our work in the hemp/cannabis business is bringing forward new products sought by consumers while applying the consistent standards, reliable manufacturing processes and national distribution support needed for brands to effectively scale in these growing end markets.” “On behalf of the entire Board of Directors, I want to thank Jim for his numerous accomplishments and dedicated service during his tenure as CEO, leading us through our FDA authorization, GVB acquisition ...