22nd Century Group Provides Strategy Update Letter from CEO
WILLIAMSVILLE, N.Y., Sept. 24, 2020 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII) (“22nd Century” or “the Company”), a leading plant-based, life science company driven by next
generation biotechnology, today provided a strategy update letter from Chief Executive Officer, James A. Mish.
Dear Fellow Shareholders,
When I first spoke with you during our 2020 second quarter earnings call, I had been CEO of 22nd Century for only three weeks and was still evaluating the strategic ambition, opportunities, and direction of our Company. Now, as my 100-day milepost approaches, I am writing to provide you with an update on how the 22nd Century leadership team is working very hard to capitalize on near-term milestones as well as on exciting medium and long-term opportunities to increase shareholder value.
On top of everyone’s mind is the Company’s historic Modified Risk Tobacco Product (MRTP) application with the U.S. Food and Drug Administration (FDA) and the tremendous commercial and public health opportunities it represents. I have spent a great deal of time studying and thinking about our MRTP candidate and am more excited today than when I joined the Company: VLN is a remarkable product and addresses a very large market opportunity.
With 95% less nicotine than any leading brand – or any other cigarette in the U.S. – FDA authorization of our VLN MRTP application would give 22nd Century the first and only Modified Risk Tobacco Product designation for a combustible cigarette. VLN would also be the only FDA-authorized MRTP product not developed to create or sustain addiction. After interacting with shareholders, public health officials, and clinicians over the last ten weeks, I have come to recognize how critical VLN and our Company’s primary mission really are. Reducing the harm caused by smoking is not only what defines 22nd Century, it is also a mission of which we can all be incredibly proud. According to the Centers for Disease Control and Prevention (CDC), there are still 1,300 people in the U.S. and 22,000 people around the world who die each and every day due to smoking. VLN is 22nd Century’s solution – supported by independent studies that were largely funded by the FDA, the National Institutes of Health (NIH), and other federal government agencies – to help drive these terrible statistics down. It is my pledge to you that we will do everything in our power to bring VLN to market. That is why securing an FDA marketing authorization for our MRTP reduced nicotine content cigarettes is my #1 priority.