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22nd Century Group Reports First Quarter 2020 Financial Results
WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)-- 22nd Century Group, Inc. (NYSE American: XXII) (“22nd Century” or “the Company”), a leading plant biotechnology
About this update from 22nd Century Group, Inc
[{"type":"text","content":" WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)--\n22nd Century Group, Inc. (NYSE American: XXII) (“22nd Century” or “the Company”), a leading plant biotechnology company focused on reduced nicotine tobacco and hemp/cannabis plant genetics research and development, today reported results for the first quarter ended March 31, 2020.\n\n\n“We are very pleased with the solid start to 2020 with revenue increasing 12% over last year. We believe the Company is well positioned to execute on its strategies despite a challenging backdrop due to COVID-19. Our manufacturing facility has remained open and has been able to fulfill orders without any backlog. The improvements we made to our cost structure in 2019 have started to pay off in the first quarter with a 16% reduction in operating expenses compared to the same quarter last year,” said Mike Zercher, President and Chief Operating Officer of 22nd Century Group.\n\n\n“Additionally, the U.S. Food and Drug Administration (“FDA”) recently announced a deadline for public comments on the Company’s Modified Risk Tobacco Product (“MRTP”) application. This moves our MRTP application one step closer to an FDA authorization decision for the Company’s proprietary, reduced nicotine content tobacco cigarettes. Bringing these products to market is an important and exciting prospect for the Company and public health,” Zercher added.\n\n\nRecent Accomplishments and Notable Events:\n\n\n\nOn February 14, 2020, the Company presented data to FDA’s Tobacco Products Scientific Advisory Committee (“TPSAC”) in support of our MRTP application for our reduced nicotine content tobacco cigarettes. 22nd Century’s MRTP application seeks a reduced exposure marketing authorization from the FDA to allow its reduced nicotine content cigarettes to be marketed under the brand name “VLN®,” with pack and advertising claims stating that the product contains 95% less nicotine than conventional tobacco cigarettes, as well as related claims regarding reduced nicotine exposure. This meeting was the first time that TPSAC considered an MRTP application for a modified exposure claim and was also TPSAC’s first discussion of an application for a combustible tobacco product.\n\n\n\n\nOn March 11, 2020, the Company announced in partnership with KeyGene that it has assembled, in just under three months, high-quality genome sequences of two hemp/c...