Star Scientific Inc. (NASDAQ: CIGX) shares surged 18% to close at 43.48 today, shortly after the company announced that its patents in Reynolds case has been ruled valid by the U.S. government. The company has already filed a lawsuit against Reynolds American Inc., the second largest tobacco company in the United States.
Jonnie Williams, CEO of the company, said, �We have believed from the beginning in what the StarCured process achieves, and in its potential to significantly reduce tobacco users� exposure to tobacco toxins.�
Star Scientific recently announced that it has developed a new moist tobacco product with ultra low carcinogen level. The company said that the carcinogen level in the new product is 99% below the levels found in conventional moist snuff products found in the United States. The company announced that its revenue is increasing at a fast pace.
Star Scientific is engaged in the business of developing, implementing and licensing tobacco curing technologies. The company is also involved in the development of new tobacco products with lower toxin levels. Star Scientific also has a non-nicotine product in its portfolio that is used for assisting people who are in the process of stopping the use of tobacco. The company markets its products via distributors and wholesalers in the United States. Star Scientific was formed in 2000 and is based out of Virginia.
The company stock is currently trading at $3.72, up 26.10% from its previous close. Star Scientific stock opened at $3.39 and touched the high of $3.84, which is also its 52 weeks high. The stock�s lowest price in today�s session is $3.25. The company stock�s EPS is ($0.25). The company stock has traded in the range of $1.07 and $3.84 during the past 52 weeks. The company�s market cap is $429.26 million and its beta is 1.74.
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