Healthcare Sector Extending Day-Long Rally; 22nd Century Group Falls After $45 Mln Shelf Registration

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Healthcare stocks continue to add to earlier gains, ending near their best levels of the session, with the NYSE Healthcare Sector Index advancing 1.1% and shares of healthcare companies in the S&P 500 gaining about 1.0% as a group.

In company news, shares of 22nd Century Group Inc. ( XXII ) retreated Monday, falling nearly 10% in late afternoon trade after the plant biotechnology company filed a S-3 shelf registration form with U.S. regulators to sell up to $45 million of its stock and debt securities over the next three years to support its development of smoking cessation products.

XXII shares were down 9.4% at $2.50 each shortly before the closing bell Monday afternoon, earlier dropping to an intra-day low of $2.41 a share. The stock has a 52-week range of 46 cents to $6.36 a share, rising over 241% in value over the past 12 months.

The company that is using genetic engineering to modify the nicotine content in tobacco plants also said it continues to cooperate fully with the National Association of Attorneys General to close on its proposed acquisition of NASCO Products, adding NASCO already has begun to produce tobacco products at the XXII factory in Mocksville, N.C.

XXII also said it is continuing to prepare its modified-risk cigarettes - known internally as Brand A and Brand B - for review by the U.S. Food and Drug Administration. The company said it has hired a consulting firm specializing with regulatory filings and in designing exposure studies of new products to assist with those efforts. XXII expects to file marketing applications with the FDA before the end of the year.

In other sector news,

(+) SRPT, Receives letter from FDA stating that "with additional data to support the efficacy and safety of eteplirsen for the treatment" of Duchenne muscular dystrophy, a new drug application "should be fileable."

(-) ATHN, Swings to a loss of $0.21 per share, compared with a net income of $0.02 per share during the same period last year.



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This article appears in: Investing , Commodities

Referenced Stocks: XXII

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