Irish firm appoints Gallagher to board

By Eamon Quinn

The founder of Irish firm Nutriband, which has listed some shares in the US as it seeks to develop a vitamin and pharma patch invention, has appointed former presidential candidate Seán Gallagher to its board as president of the company.

Gareth Sheridan, 28, from the south Dublin suburb of Terenure, invented the Nutriband patch while studying for a management degree at the Dublin Institute of Technology.

Nutriband works on the same principle as nicotine patches, and slow-releases vitamins and nutrients into the user’s system over a number of hours.

Mr Sheridan said Mr Gallagher’s appointment will help drive the company’s global ambitions to commercialise products after it acquired US patents last year

“Seán’s main role will to bring strategic development to the company and to commercialise the company, not just in the US, but worldwide,” said Mr Sheridan.

He said Nutriband has yet to decide on its next funding route to help realise its ambitions, but is mulling a “couple of different options” at this stage.

Last year was a pivotal year of building and acquiring companies that held patents and which would lead to it developing in time pharmaceutical applications, said Mr Sheridan.

According to filings with the US Securities and Exchange Commission, Nutriband is still to make money.

Those filings show it had almost $2.42m (€1.97m) in assets at the end of October, mainly accounting for the value of its patents.

In the quarter, its costs and administrative expenses contributed to a net loss of $107,732.

For the full nine months, it posted a net loss of $263,311.

Mr Sheridan said a small start-up loan to South Dublin County Council had all but been paid back.

In the filings, Nutriband said it was incorporated in Nevada at the start of 2016 and bought out its Dublin-registered company. “Nutriband Ltd moved manufacturing and operations to the US during 2016. The product consists of three products: An energy patchline, weight management patchline, and a multivitamin patchline,” it said.

The founder of Irish firm Nutriband, which has listed some shares in the US as it seeks to develop a vitamin and pharma patch invention, has appointed former presidential candidate Seán Gallagher to its board as president of the company.

KEYWORDS: Nutribrand

 

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