Business & Finance
Business and Finance
Business and Finance
Wed, January 26, 2011 Rodman & Renshaw Acts as Exclusive Placement Agent and Advisor in 22nd Century Group, Inc. Merger and $5.4 Million Private Plac
NEW YORK--([ BUSINESS WIRE ])--Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), announced that it acted as exclusive placement agent and advisor to its client 22nd Century Group, Inc. (OTCBB: XXII.ob) completed merger with 22nd Century Limited, LLC, a company focused on the development of a prescription smoking-cessation aid and tobacco harm reduction products. Shares of 22nd Century Group, Inc. are traded on the OTC Bulletin Board under the symbol XXII. The merger was effective as of January 25, 2011.
Immediately prior to the merger, 22nd Century Limited, LLC completed a private placement of approximately $5.4 million of securities to accredited investors. These securities were exchanged in the merger for common stock and warrants of 22nd Century Group, Inc., and 22nd Century Limited, LLC is now a wholly-owned subsidiary of 22nd Century Group, Inc.
A portion of the proceeds from this private placement of securities will be used for a phase II-B clinical trial for 22nd Centurya™s prescription smoking cessation aid, X-22, in addition to an exposure study for one of its two modified risk tobacco product candidates.
About 22nd Century Group, Inc.
Founded in 1998, 22nd Century is a plant biotechnology company whose proprietary technology allows for the level of nicotine (and other nicotinic alkaloids) in the tobacco plant to be decreased or increased through genetic engineering and breeding. The company owns or exclusively controls 97 issued patents in 79 countries where at least 75% of the worlda™s smokers reside. 22nd Century is committed to developing and commercializing (i) the worlda™s most effective and acceptable smoking cessation aid and, for those smokers who refuse to quit smoking, (ii) consumer-acceptable modified risk tobacco products that reduce exposure to smoke toxins compared to conventional cigarettes.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the aExchange Acta), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to the contents of this press release. The words amay,a awould,a awill,a aexpect,a aestimate,a aanticipate,a abelieve,a aintenda and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the companya™s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the companya™s periodic reports filed with the SEC under the Exchange Act, including the companya™s Forms 10-K and 10-Q filed with the SEC.
For additional information, please visit: xxiicentury.com
About Rodman & Renshaw
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.
Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.
For more information visit Rodman & Renshaw on the Internet at [ www.rodm.com ]
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