October 21, 2014 4:39 PM 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 for smokers who are unable or unwilling to quit smoking; and modified risk tobacco products that reduce exposure to certain tobacco smoke toxins compared to conventional cigarettes. The company’s products include X-22, a prescription smoking cessation aid, which is a tobacco-based botanical medical product for use as a smoking cessation therapy; RED SUN and MAGIC regular and menthol cigarettes; and SPECTRUM government resear...

9530 Main Street

Clarence, NY 14031

United States

Founded in 1998

9 Employees

Phone:

716-270-1523

Fax:

716-877-3064

Key Executives for 22nd Century Group, Inc.

Founder
Age: 45
Total Annual Compensation: $230.2K
President and Director
Age: 46
Total Annual Compensation: $159.6K
Chief Financial Officer
Age: 56
Total Annual Compensation: $83.1K
Vice President of R&D
Age: 61
Total Annual Compensation: $124.2K
Compensation as of Fiscal Year 2013.

22nd Century Group, Inc. Key Developments

22nd Century Seeks Acquisitions

22nd Century Group, Inc. (AMEX:XXII) is looking for acquisition opportunities. 22nd Century Group closes $10 million private placement and proceeds of the financing will be used to conduct exposure studies, product launches, acquisitions, potential joint ventures, and for general working capital purposes.

22nd Century Group, Inc. Partner NASCO Products, LLC Enter into Agreement with Smoker Friendly International, LLC

22nd Century Group, Inc. announced that NASCO Products, LLC entered into a multi-year manufacturing agreement with Smoker Friendly International to produce the Smoker Friendly private label cigarette brand. Smoker Friendly International, LLC licenses retailers to use its "Smoker Friendly" name and sell its "SF" products. Currently, Smoker Friendly has approximately 800 stores throughout the United States under license. These stores are independently owned and operated. The SF brand has been on the market for over 20 years and is the private label brand in Smoker Friendly stores. Starting in January 2015, the SF brand of cigarettes will be made by NASCO Products in the Mocksville, North Carolina factory, which 22nd Century Group purchased earlier in 2014.

22Nd Century Group, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

22nd Century Group, Inc. announced earnings results for the second quarter and six months ended June 30, 2014. For the three months ended June 30, 2014, revenue was $16,000 compared to no revenue for the three months ended June 30, 2013. The second quarter 2014 revenue was generated from the manufacture of filtered cigars and the revenue for the first quarter 2014 was generated from the sale of SPECTRUM research cigarettes. For the three months ended June 30, 2014, the company reported operating losses of $2.04 million compared to operating losses of $1.62 million for the three months ended June 30, 2013. The company's net loss for the three months ended June 30, 2014 was $1.97 million or $0.03 per share compared to a net loss of $0.45 million or $0.01 per share for the three months ended June 30, 2013. Adjusted EBITDA for the three months ended June 30, 2014 was a negative $1.28 million or $0.02 per share compared to adjusted EBITDA of negative $0.59 million or $0.01 per share for the three months ended June 30, 2013. For the six months ended June 30, 2014, revenue was $464,000 compared to no revenue for the six months ended June 30, 2013. For the six months ended June 30, 2014, the company reported operating losses of $3.23 million, compared to operating losses of $3.01 million for the six months ended June 30, 2013. The company's net loss of $7.28 million or $0.13 per share for the six months ended June 30, 2014, compared to a net loss of $2.96 million or $0.08 per share for the six months ended June 30, 2013. The results for the six months ended June 30, 2014 included non-operating expenses from (i) a non-cash change in the fair value of derivatives (warrant liability) of $3.99 million, (ii) a non-cash inducement expense of $145,000 from the amendment of certain warrants, and (iii) other non-operating income of $82,000. Adjusted EBITDA is negative $2.04 million or $0.04 per share for the six months ended June 30, 2014, compared to Adjusted EBITDA of negative $0.97 million or $0.03 per share for the six months ended June 30, 2013.

Similar Private Companies By Industry

Company Name Region
UST LLC United States
R.J. Reynolds Tobacco Holdings, Inc. United States
U.S. Smokeless Tobacco Company LLC United States
Nine Point Eight Entertainment LLC United States
Sago Technology, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
September 17, 2014
--
Private Placement
September 15, 2014
Anandia Laboratories Inc.
Merger/Acquisition
December 3, 2013
PTM Technologies, Inc., Mocksville Facility
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact 22nd Century Group, Inc., please visit www.xxiicentury.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.