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22nd Century Group Inc (NYSEMKT:XXII) To Focus On Smoking Harm Reduction Products

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In last trading session, the stock price of 22nd Century Group Inc (NYSEMKT:XXII) gained more than 1% to close the day at $0.850. The gains came at a share volume of 184,193 compared to average share volume of 424,980.

The highlights

The plant biotechnology firm released a letter wherein it stated that the gone year was a transformative year for them and the management expects 2016 to bring more success for the company. Last year, 22nd Century expanded its intellectual property portfolio and fetched the attention and interest of public health officials across the globe.

The company submitted a MRTP application to the U.S. FDA for its BRAND ‘A’ Very Low Nicotine cigarettes. This product contain nearly 95% less nicotine compared to conventional cigarette brands available in the market. The New England ‘Journal of Medicine’ issued two articles about the findings of a landmark clinical study using 22nd Century’s SPECTRUM® research cigarette brand.

Funded by the U.S. FDA and the NIDA, a segment of the National Institutes of Health, the study revealed that smokers of SPECTRUM® brand consumed fewer cigarettes per day and increased their quit measures compared to smokers of conventional cigarettes.

The takeaways

22nd Century commenced actively commercialization of its intellectual property portfolio, the impact of which was quite evident on its financial performance. The revenues surged from almost $530,000 in FY2014 to over $8.5 million in FY2015. In fact, the revenues in FY2015 surpassed prior financial estimates and were the best in company’s history.

However, the company is not yet profitable and it didn’t expand the sales of its commercial offerings as broadly or as quickly they would have planned. The management is disappointed that logistical problems prevented them from introducing ‘MAGIC’ Very Low Nicotine cigarette brands in Europe. Still, all things measured, these issues are just “bumps in the road” as the company closed 2015 with a strong platform for continued growth and success.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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