22nd Century Satisfies IP Licensing and Sponsored Research Obligations to NCSU Through 2025 in an Equity Transaction

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[{"type":"text","content":"Mocksville, North Carolina--(Newsfile Corp. - September 9, 2024) - 22nd Century Group, Inc. (NASDAQ: XXII), a tobacco products company leading the fight against nicotine addiction with its FDA authorized 95% less nicotine brand VLN®, today announced an agreement to fund all intellectual property, licensing and sponsored research payments to North Carolina State University through 2025 in equity as part of a deal valued at over $1.2 million. The payments will occur over the course of three tranches, in equity or cash, at the company's election. The transaction covers all expenses related to patent maintenance, royalty, license and sponsored research from the fourth quarter of 2023 through the end of 2025. Additionally, the Company has extended its field trial activity to 2025.\nSaid Larry Firestone, Chairman and CEO: \"We recently secured our relationship with NCSU in November of 2023, bringing on additional IP to enhance our reduced nicotine content tobacco capabilities. This latest agreement further aligns NCSU with our continued success at 22nd Century.\"\nAbout 22nd Century Group, Inc.\n22nd Century Group is the pioneering nicotine harm reduction company in the tobacco industry enabling smokers to take control of their nicotine consumption.\nWe created our flagship product, the VLN® cigarette, to give traditional cigarette smokers an authentic and familiar alternative that helps them smoke less. VLN® is the world's first and only combustible cigarette to receive a Modified Risk Tobacco Product designation from the FDA, which the FDA has mandated be described as a product that Helps You Smoke Less®. VLN® cigarettes have 95% less nicotine than the traditional cigarette and have been proven to greatly reduce nicotine consumption. Instead of offering new ways of delivering nicotine to addicted smokers, we offer smokers the option to take control of their nicotine consumption and make informed and more productive choices, including the choice to avoid addictive levels of nicotine altogether.\nOur wholly owned subsidiaries include a leading cigarette manufacturer that produces all VLN® products and provides turnkey contract manufacturing for other tobacco brands both domestically and internationally. The 60,000 square foot facility in Mocksville, North Carolina has the capacity to produce more than 45,000,000 cartons of combusted t...

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