The Food and Drug Administration today began a scientific review of Philip Morris' (PM - Get Report)  modified risk tobacco product application for its electricity heated tobacco product (EHTP).

The agency has established a one-year timetable for reviewing modified risk tobacco product applications.

The FDA said that it would publish a notice in the Federal Register establishing an official docket of public comments on Philip Morris' application at a later date.

"We welcome FDA and public review of the comprehensive scientific evidence package that we submitted to the agency through its MRTP application process," said Dr. Moira Gilchrist, Philip Morris VP Corporate Affairs of Reduced-Risk Products. "PMI's application demonstrates our commitment to develop innovative, smoke-free technologies that can ultimately replace combustible cigarettes to the benefit of smokers, public health and society at large."

Shares of the New York-based tobacco firm were higher by nearly 2% during midday trading on Thursday.

Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.