NEW YORK, NY / ACCESSWIRE / June 25, 2018 / Both 22nd Century Group and Palatin Technologies saw their shares jump on Friday despite either company announcing any significant news.
RDI Initiates Coverage on:
22nd Century Group, Inc.
Palatin Technologies, Inc.
22nd Century Group, Inc. shares closed up almost 13% on Friday with roughly 14.1 million shares traded, a significant increase from the stock's average trading volume of almost 1.7 million shares. It was last week that the plant biotechnology company announced that it has initiated three short-term studies investigating the behavioral and biochemical responses to the Company's proprietary Very Low Nicotine Content tobacco. According to 22nd Century Group's press release, Scientists from the company will submit to the FDA the data collected from these studies as part of the Company's revised and enhanced Modified Risk Tobacco Product (MRTP) application for "BRAND A" Very Low Nicotine Content cigarettes. CEO Henry Sicignano III remarked, "22nd Century's team of scientists, regulatory experts, and specialist consultants are meticulously assembling our revised MRTP application for "BRAND A" Very Low Nicotine Content cigarettes. Later this year, we will submit a robust MRTP application that answers many of the questions the FDA is asking with regard to the Agency's planned national nicotine reduction mandate. The public deserves – and desperately needs – a minimally or non-addictive cigarette… sooner, rather than later."
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Palatin Technologies, Inc. shares closed up almost 16% on Friday with about 24.6 million shares traded. Trading volume was significant compared to an average trading volume of just around 2.7 million shares in comparison. There was no remarkable news from the company to explain the gains nor the trading volume increase. It was at the beginning of the month that the biopharmaceutical company announced that the U.S. Food and Drug Administration (FDA) has accepted the bremelanotide New Drug Application (NDA) for filing. The NDA was filed on March 23, 2018 by AMAG Pharmaceuticals, Palatin's exclusive North American licensee. CEO Carl Spana, Ph.D., stated, "We are very pleased with the FDA's acceptance of the NDA filing for bremelanotide. This is an important milestone for Palatin and reflects our drive and commitment to the development of novel therapies to treat conditions with significant unmet medical need and commercial potential. We look forward to assisting AMAG during the FDA review process. HSDD (hypoactive sexual desire disorder) is an underserved medical condition and, if approved, bremelanotide has significant potential as an as-desired treatment of HSDD in premenopausal women." Bremelanotide is an investigational melanocortin agonist that is being developed for the treatment of hypoactive sexual desire disorder (HSDD) in premenopausal women.
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