Stock Groups

22nd Century Shares Pop On FDA Marketing Authorization -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Daniel Shvartsman

22nd Century Group Inc. (NASDAQ) shares received an early Christmas gift when the company announced that FDA permission had been given to it for its products as modified-risk tobacco products.

In midday trading, shares rose 50% on news. 22nd Century Group is now authorized to market its VLN® King and VLN® Menthol King cigarettes, which it said the FDA deemed, “help reduce exposure to, and consumption of, nicotine for smokers who use them.”

“Having secured this FDA marketing order, we are fully prepared to launch VLN®With select retailers and marketing partners in our U.S. pilot markets within the next 90-days and in several international markets by the beginning of the second quarter 2022,” stated CEO James Mish.

22nd Century Group shares had a mixed year. They rose as high as 150% in one year before dropping back to being flat as of today’s trading. For the first nine months of 2021 the company’s revenue grew 10% annually. The new authorization will be a chance to increase growth in 2022.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]