Re: FDA modified risk application, Phase 1 (safer) and Phase 2 (effective) studies have been performed already using the VLN tech. Essentially, CRO is prepping the Company for Phase 3 (albeit the most lengthy and costly). Much of the heavy lifting has already been done to prove the technology works over the last few years.
Re: MJ, the professional connections are obviously there, w/ Liu and Page and the JV is intriguing. Although I am skeptical to read much into it, I am all ears when the Company releases info about it.
IMO, the most immediate and impactful revenue opportunity could come thru BAT if they decide to advance their licensing agreement with XXII from research to commercial, which could happen at any time (and doing so would make the XXII MSA application moot).
The way that the tobacco industry is consolidating lends strength to the argument that the limited amount of competitors out there following the LO/RAI merger will entice the Big players to enhance their market share and profitability thru more M&A. Any of those players would be overjoyed to have sole rights to a "safer" cigarette. The longer XXII sits at these levels with their patent portfolio and without MSA, the more likely it is to be bought out for what most LT horizon investors here would consider bargain basement.
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