September 09, 2024 8:00 AM EDT – 22nd Century Group, Inc. announced an agreement to fund all intellectual property, licensing, and sponsored research payments to North Carolina State University through 2025 in equity, valued at over $1.2 million. The payments will be made in three tranches, in equity or cash. This transaction covers all expenses related to patent maintenance, royalties, licenses, and sponsored research from the fourth quarter of 2023 through the end of 2025, including an extension of field trial activity to 2025.
Chairman and CEO Larry Firestone stated that the agreement further solidifies the relationship with NCSU and enhances 22nd Century’s reduced nicotine content tobacco capabilities. 22nd Century Group is committed to pioneering nicotine harm reduction in the tobacco industry, offering smokers products that enable them to control their nicotine consumption. The VLN® cigarette, the company’s flagship product, is the world’s first combustible cigarette to receive a Modified Risk Tobacco Product designation from the FDA. With 95% less nicotine than traditional cigarettes, VLN® has proven to significantly reduce nicotine consumption.
22nd Century Group’s reduced nicotine tobacco blends are made possible by patented technologies that regulate nicotine biosynthesis activities in the tobacco plant, providing full flavor and high yield with minimal nicotine content. The company’s mission is to sell the last cigarette before the 22nd Century.
For more information about 22nd Century Group, visit their website and social media channels. Please note that the forward-looking statements in this press release are subject to risk factors detailed in the Company’s filings with the SEC. The Company assumes no obligation to update these statements unless required by law.
To view the source version of this press release, visit the 22nd Century Group website.
