Philip Morris submits application to FDA for heated tobacco product

Altria Group Inc. said Tuesday that Philip Morris International Inc. has submitted a modified risk tobacco product application for an electronically heated product with the U.S. Food and Drug Administration. The FDA is now expected to decide whether to accept the application for substantive review, Altria said in a statement. If approved, Altria would have an exclusive right to sell the heated tobacco product in the U.S. Heated tobacco products heat tobacco enough to produce an inhalable steam, but do not reach the point of combustion that requires inhaling smoke into the lungs. Altria shares were slightly lower premarket, but have gained 9% in the year to date, while the S&P 500 has gained 7.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.