PETERSBURG, Va. (AP) ¿ Tobacco company Star Scientific Inc. said Tuesday it will ask the Food and Drug Administration to approve a new method for making smokeless tobacco with reduced toxins. Star Scientific said the new method of tobacco cultivation, curing and preparation is patented and will create tobacco leaves with low levels of tobacco-specific nitrosamines. The company said it believes it will have the lowest toxin levels of any tobacco product, and said it will ask for approval in early 2010, once testing is finished. In afternoon trading, Star Scientific shares rose 12 cents, or 12.2 percent, to $1.08. The stock surged more than 22 percent earlier, and about 16.7 million shares changed hands by early afternoon. The average full day trading volume for Star Scientific shares is about 4 million.
More from Food & Drink
Starbucks Is Now a Turnaround Story -- Here's How Management Did It
Let's just say third quarter didn't disappoint. Read ICYMI to find out what that really means.
Here's How Beyond Meat Will Look After All the Fat's Burned Off
After falling from around $240 to around $140 at the end of July, BYND may have triggered a pattern that will carry it to around $100 and fill the gap of early June.
Shake Shack Sizzles as Price Target Is Raised at SunTrust
Shake Shack has a new 'delicious' BLT sandwich in the works, which is enough for SunTrust to raise its price target on the stock.
Beyond Meat Is Likely to Decline Further in the Days and Weeks Ahead
No reason to buy in bulk.
Performance Food's Fourth-Quarter Results Whet Investors' Appetite
The food distributor beats analysts' estimates. The high end of its expected fiscal 2020 earnings range beats analysts' expectations as well.