Why 22nd Century Group Stock Skyrocketed Today
Shares of 22nd Century Group (NASDAQ: XXII) soared 38.6% on Thursday after the U.S. Food and Drug Administration (FDA) authorized the company's VLN cigarette as a modified risk tobacco product (MRTP).
The agricultural biotechnology-specialist's VLN products contain 95% less nicotine than conventional cigarettes. But they taste and smell like the real thing, according to 22nd Century. Moreover, the FDA found that VLN can "help reduce exposure to, and consumption of, nicotine for smokers who use them."
"Today's decision to authorize VLN's MRTP application places the FDA and 22nd Century together at the vanguard of transforming the tobacco industry," 22nd Century CEO James Mish said in a press release.
Source Fool.com