22nd Century Gains Rights to Use Celanese''s Cigarette Filter Technology – Shares Up 4%

Source from:  Sonoran Weekly Review 05/03/2016

Shares of 22nd Century Group (NYSEMKT:XXII) were up Monday after the company said sealed a supply deal with Celanese Corp. (CE), under which it will gain rights to use Celanese's CelFX cigarette filter technology in its MAGIC, RED SUN and MOONLIGHT brands. The CelFX filter is described as a highly efficient cigarette filter that significantly reduces gaseous toxic compounds in smoke. "Partnering with Celanese and combining CelFX® filters with our proprietary very low nicotine and low-tar-to-nicotine tobacco blends is a natural fit and makes our already outstanding cigarettes even better," said president and CEO Henry Sicignano III. XXII shares were moving in the lower half of the narrow 52-week range of $0.56 to $1.75. CE was up less than 1%, moving in the upper end of the 52-week range of $54.35 to $74.55.

The stock increased 2.94% or $0.024 on May 2, hitting $0.84. About 579,724 shares traded hands or 36.12% up from the average. 22nd Century Group Inc (NYSEMKT:XXII) has declined 10.33% since September 24, 2015 and is downtrending. It has underperformed by 17.22% the S&P500.

22nd Century Group, Inc., a plant biotechnology company, provides technology that allows for the level of nicotine and other nicotinic alkaloids in tobacco plants to be decreased or increased 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 nicotine or to certain tobacco smoke toxins and/or pose a lower health risk than conventional cigarettes. The companyÂ'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 cessation aid, which is a tobacco-based botanical medical product for use as a smoking cessation therapy; and modified risk cigarettes, such as BRAND A, which has approximately 95% less nicotine than conventional tobacco cigarettes, as well as BRAND B cigarettes that contain low amount of tar per milligram of nicotine. The company was founded in 1998 and is headquartered in Clarence, New York. Enditem