22nd Century Group, Inc. (NYSEMKT:XXII) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On December 14, 2016, a wholly-owned subsidiary of 22nd Century
Group, Inc. (collectively, the Company), entered into (i) a
Research Funding Agreement with The Rector and Visitors of the
University of Virginia, a not-for-profit Virginia educational
institutional of the Commonwealth of Virginia (the University),
and (ii) an Exclusive License Agreement with the University of
Virginia Patent Foundation d/b/a University of Virginia Licensing
Ventures Group, a Virginia non-profit corporation (UVA LVG).
Under the Research Funding Agreement, the Company will
scientifically collaborate with the University and provide
approximately $1,100,000 in funding to the University over a
period of three (3) years for new multi-year research and
development activities between the Company and the University
relating to the creation of unique industrial hemp plants with
optimized traits for commercial uses and medical study, with all
work being done under all necessary federal and state licenses
and permits. Under the Exclusive License Agreement, the Company
has been granted the exclusive rights to commercialize all
results of this collaboration with the University in
consideration of the payment of royalties by the Company to UVA
LVG from the net sales received by the Company from its
commercialization of the results of this collaboration.
The foregoing summaries of the terms of the Research Funding
Agreement and the Exclusive License Agreement are subject to, and
qualified in their entirety by, such documents which are expected
to be filed as exhibits to the Companys Annual Report on Form
10-K for the year ended December 31, 2016.
Item 7.01. Regulation FD Disclosure.
On December 20, 2016, the Company issued a press release
announcing the above-described matter. A copy of the press
release is furnished as Exhibit 99.1 and is incorporated herein
by reference.
Item 9.01(d). Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press release, dated December 20, 2016. |
About 22nd Century Group, Inc. (NYSEMKT:XXII)
22nd Century Group, Inc. is a plant biotechnology company. The Company is focused on technology that allows increasing or decreasing the level of nicotine and other nicotinic alkaloids in tobacco plants, and levels of cannabinoids in cannabis plants through genetic engineering and plant breeding. It is engaged in various activities, including research and development of less harmful or modified risk tobacco products and tobacco plant varieties; development of X-22, a smoking cessation aid consisting of very low nicotine (VLN) cigarettes; manufacture, marketing and distribution of its RED SUN and MAGIC cigarettes; production of SPECTRUM research cigarettes for the National Institute on Drug Abuse (NIDA); contract manufacturing of third-party branded tobacco products, and research and development of plant varieties of hemp/cannabis, such as plants with low to no amounts of delta-9-tetrahydrocannabinol (THC), plants with high levels of cannabidiol (CBD), and other non-THC cannabinoids. 22nd Century Group, Inc. (NYSEMKT:XXII) Recent Trading Information
22nd Century Group, Inc. (NYSEMKT:XXII) closed its last trading session up +0.04 at 1.03 with 2,769,171 shares trading hands.
