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
Founded in 1998
22nd Century Group, Inc. Announces Opening of Specialized Laboratory At Downtown on the Buffalo Niagara Medical Campus
Nov 30 15
22nd Century Group, Inc. announced the opening of a specialized laboratory. The new labs will be located downtown on the Buffalo Niagara Medical Campus through a partnership with an as yet unnamed local university. The new labs will be dedicated to new scientific research, including development of nicotine-free tobacco and other tobacco product inventions.
22nd Century Group, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Revenue Guidance for the Full Year 2015
Nov 9 15
22nd Century Group, Inc. announced earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net loss of $2,761,691 or $0.04 per share compared to $2,724,309 or $0.05 per share a year ago. Adjusted LBITDA was $2,137,419 or $0.03 per share compared to $1,922,632 or $0.03 per share a year ago. The increase in the net loss was primarily due to an increase in gross loss of approximately $40,000 and a decrease in net other income (expense) of approximately $115,000, partially offset by a decrease in operating expenses of approximately $117,000. Net revenues were $2,668,000 compared to $64,000 a year ago.
For the nine months, the company reported net loss of $8,167,133 or $0.12 per share compared to $10,005,252 or $0.17 per share a year ago. Adjusted LBITDA was $5,431,026 or $0.08 per share compared to $3,943,815 or $0.07 per share a year ago. The decrease in the net loss was primarily a result of a decrease in the warrant liability gain (loss) - net of approximately $4,050,000 and the other income of $1,000,000 from a litigation settlement, offset by an increase in gross loss of approximately $623,000 and an increase in operating expenses of approximately $2,540,000 (approximately $1,439,000 of this increase in operating expenses was the result of a non-cash increase in equity based compensation expense, primarily to Crede and other third party service providers). Net revenues were $5,591,000 compared to $528,000 a year ago.
For 2015, the company expects to generate a total of more than $8 million in revenue.
22nd Century Group, Inc. Announces Resignation of Joseph Pandolfino from the Board of Directors on November 6, 2015
Nov 9 15
22nd Century Group, Inc. announced that on November 6, 2015, Mr. Joseph Pandolfino, Alternative Cigarettes (AC) and the Company entered into a settlement agreement to resolve all disputes among the parties, with the primary provisions of such settlement agreement being as Mr. Pandolfino agreed to and did resign from the company's Board of Directors on November 6, 2015.