22nd Century Group Announces Major Scientific Collaboration with University of Virginia
December 20 2016 - 09:50AM
Business Wire
22nd Century granted exclusive rights to
commercialize Industrial Hemp Plants and Medically Important
Cannabinoids that result from the alliance.
22nd Century Group, Inc. (NYSE MKT:XXII), a plant biotechnology
company that is a leader in tobacco harm reduction, announced today
that the Company has entered into a sponsored research agreement
with the University of Virginia (“UVA”) and an exclusive license
with the University of Virginia Patent Foundation d/b/a University
of Virginia Licensing & Ventures Group (“UVA LVG”). Over the
next three years, the Company will invest approximately $1,100,000
in this major scientific collaboration with UVA. The goals of the
research agreement include: (i) creating unique industrial hemp
plants with guaranteed levels of THC below the legal limits (thus
eliminating the risk to growers of having to destroy non-conforming
hemp crops) and (ii) optimizing other desirable hemp plant
characteristics to improve the plant’s suitability for growing in
Virginia and in similar legacy tobacco regions.
This groundbreaking alliance will also involve the development
and study of medically important cannabinoids to be extracted from
the Company’s unique hemp plants. UVA and 22nd Century will conduct
all activities in this scientific collaboration within the
parameters of state and federal licenses and permits held by UVA
for such work. These landmark agreements grant 22nd Century
exclusive rights to commercialize all results of the collaboration
in consideration of royalty payments by the Company to UVA LVG.
22nd Century has now solved one of the most significant problems
that has plagued U.S. research on industrial hemp plants.
Currently, the only hemp plants available in the U.S. for research
and development are either (i) plants from Canada that are small in
size and unsuitable for fiber production or other industrial uses,
and (ii) “research only” plant material from Europe, which limits
researchers to one plant generation, except only under onerous
terms from European suppliers (which makes such plants virtually
useless for research and development of improvements). By contrast,
22nd Century has established an exclusive network of fully
licensed, legal owners and growers of industrial hemp plants in the
U.S. who have agreed to provide research, development and
commercialization rights to the Company. Accordingly, 22nd Century
will provide superior plant materials to UVA for use in this unique
collaboration. In fact, the specially-selected starting plant
materials already exhibit highly desirable traits and
characteristics which 22nd Century believes will significantly
accelerate production of viable, reliably true-breeding industrial
hemp in the U.S.
Dr. Michael Timko, the principal scientific investigator at UVA
for this project, stated, “We are very excited by the
groundbreaking opportunities afforded by this important
collaboration with 22nd Century. We believe that this partnership
will yield great results for the Commonwealth of Virginia and its
agricultural and medical industries. UVA looks forward to becoming
a leader in Virginia in these fields.”
Dr. Paul Rushton, the Vice President of Plant Biotechnology for
22nd Century, remarked, “We share UVA’s enthusiasm for our new
collaboration. 22nd Century also looks forward to entering into
additional scientific alliances with other academic and scientific
research institutions. The unique new plants and intellectual
property being developed and protected by 22nd Century will
continue to advance our Company’s position in the emerging legal
medical marijuana and industrial hemp markets.”
About 22nd Century Group, Inc.
22nd Century is a plant biotechnology company focused on
technology which allows it to increase or decrease the level of
nicotine in tobacco plants and the level of cannabinoids in
cannabis plants through genetic engineering and plant breeding. The
Company’s primary mission is to reduce the harm caused by smoking.
22nd Century currently owns or exclusively controls more than 200
issued patents and more than 50 pending patent applications around
the world. Visit www.xxiicentury.com and www.botanicalgenetics.com
for more information.
Cautionary Note Regarding Forward-Looking Statements: This press
release contains forward-looking information, including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of 22nd Century Group, Inc.,
its directors or its officers with respect to the contents of this
press release, including but not limited to our future revenue
expectations. The words “may,” “would,” “will,” “expect,”
“estimate,” “anticipate,” “believe,” “intend” and similar
expressions and variations thereof are intended to identify
forward-looking statements. We cannot guarantee future results,
levels of activity or performance. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date that they were made. These cautionary statements should
be considered with any written or oral forward-looking statements
that we may issue in the future. Except as required by applicable
law, including the securities laws of the United States, we do not
intend to update any of the forward-looking statements to conform
these statements to reflect actual results, later events or
circumstances, or to reflect the occurrence of unanticipated
events. You should carefully review and consider the various
disclosures made by us in our annual report on Form 10-K for the
fiscal year ended December 31, 2015, filed on February 18, 2016,
including the section entitled “Risk Factors,” and our other
reports filed with the U.S Securities and Exchange Commission which
attempt to advise interested parties of the risks and factors that
may affect our business, financial condition, results of operation
and cash flows. If one or more of these risks or uncertainties
materialize, or if the underlying assumptions prove incorrect, our
actual results may vary materially from those expected or
projected.
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Investor Relations:IRTH CommunicationsAndrew Haag,
866-976-4784xxii@irthcommunications.comorRedington, Inc.Tom
Redington, 203-222-7399
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