22nd Century Group raised about $10.7 million by selling additional shares of its stock to a pair of institutional investors, the Clarence plant biotechnology company said Wednesday.
The company did not identify the investors, but said one already was a shareholder, while the other was a new investor.
The shares were priced at $1.34 per unit, which was a 5 percent premium from its $1.28 per share closing price on Oct. 13, the day before the stock purchase agreement was signed.
The deal included 8.5 million shares of 22nd Century stock and warrants giving the investors the chance to purchase another 4.25 million shares at a price of $1.45 per share over the next 5 1/2 years.
The company, which has a technology that allows it to change the nicotine levels in tobacco, plans to use the proceeds for working capital and other general purposes.