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July 02, 2015 12:03 AM ET

Tobacco

Company Overview of 22nd Century Group, Inc.

Company Overview

22nd Century Group, Inc., a plant biotechnology company, focuses on tobacco harm reduction and smoking cessation products produced from modifying the nicotine content in tobacco plants through genetic engineering and plant breeding. It develops smoking cessation products and modified risk tobacco products for smokers who are unable or unwilling to quit smoking and who may be interested in cigarettes which reduce exposure to certain tobacco smoke toxins and/or pose a lower health risk than conventional cigarettes. The company’s products include RED SUN and MAGIC regular and menthol cigarettes; and SPECTRUM government research cigarettes. It is also developing X-22, a prescription smoking cess...

9530 Main Street

Clarence, NY 14031

United States

Founded in 1998

23 Employees

Phone:

716-270-1523

Fax:

716-877-3064

Key Executives for 22nd Century Group, Inc.

Chief Executive Officer, President and Director
Age: 47
Total Annual Compensation: $200.0K
Chief Financial Officer and Treasurer
Age: 57
Total Annual Compensation: $180.0K
Vice President, General Counsel and Secretary
Age: 56
Total Annual Compensation: $326.2K
Vice President of R&D
Age: 62
Total Annual Compensation: $185.0K
Compensation as of Fiscal Year 2014.

22nd Century Group, Inc. Key Developments

22nd Century Group, Inc.(AMEX:XXII) dropped from Russell 3000 Index

22nd Century Group, Inc. will be removed from Russell 3000 Index.

22nd Century Group Appoints Nora B. Sullivan to its Board

22nd Century Group, Inc. announced that the Company appointed Nora B. Sullivan to 22nd Century Group's Board of Directors, effective May 18, 2015. Ms. Sullivan has made a career of applying her legal experience and financial services expertise to focus on strategic planning, corporate governance matters, and M&A services. Ms. Sullivan is currently President of Sullivan Capital Partners, LLC.

22nd Century Group, Inc. Announces Earnings Results for the First Quarter Ended March 31, 2015

22nd Century Group, Inc. announced earnings results for the first quarter ended March 31, 2015. For the quarter, net revenue was $616,000 compared to $448,000 of net revenue for the three months ended March 31, 2014. The first quarter 2015 net revenues of $616,000 were generated from the manufacture and sale of a third-party MSA cigarette brand, filtered cigars, and own proprietary cigarette brand, RED SUN. Operating loss of $4.1 million as compared to an operating loss in the amount of $1.2 million for the three months ended March 31, 2014. The Company’s net loss for the three months ended March 31, 2015 was $4.1 million, or $0.06 per share, as compared to a net loss of $5.3 million, or $0.09 per share, for the three months ended March 31, 2014; a decrease in the net loss of approximately $1.2 million. The reduction in the net loss is primarily attributable to a decrease in the non-cash change in the fair value of derivatives (warrant liability) in the approximate amount of $4.1 million, partially offset by the $2.9 million increase in the operating loss discussed in the previous paragraph. Adjusted EBITDA for the three months ended March 31, 2015 was a negative $1.5 million, or $0.02 per share, and a negative $0.8 million, or $0.01 per share, for the three months ended March 31, 2014.

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