22nd Century Group, the biotech company that uses genetic engineering to alter nicotine levels in tobacco, said the largest capital increase in its history would raise USD 54 million (EUR 45.8 million) to back expansion plans.

“We are very pleased to announce that, as a result of this no-warrant financing, 22nd Century will have more than five years of operating cash on hand,” said Chief Executive Officer Henry Sicignano. “More than USD 50 million in net proceeds will significantly improve our balance sheet and, therefore, our negotiating position in discussions with potential licensing and strategic partners.” Nearly 20.6 million shares were sold to institutional investors via direct offering, the company said.