Very small number of investors own vast bulk of shares in Gareth Sheridan's US firm
Gareth Sheridan
(35), who is
seeking a nomination
to run in the forthcoming
presidential election
, is centred on Florida-based Nutriband, the shares of which are traded on the Nasdaq stock exchange.
At a press conference on Thursday, Sheridan said his shares in
Nutriband had a value of approximately $16 million
, though the value changed with the share price. Other than that, he had savings of approximately €500,000, he said. Company filings show his annual salary as CEO was $150,000, with additional stock options.
The company is awaiting the decision of the US Food and Drug Administration (FDA) on regulatory approval for the product it wants to develop, a new, transdermal patch for the safer delivery of the powerful opioid painkiller fentanyl.
At the press conference Sheridan said: 'The company is going to be very impactful for thousands of lives a year when that FDA approval comes. I'm very proud of that.'
READ MORE
A less certain assessment of the situation was made in a market filing from Nutriband when it was issuing new shares in July to fund its ongoing operations. At the time, the loss-making company had an accumulated deficit of $39.8 million.
Investors, Nutriband said, should be aware that the company was subject to significant risks.
'If we are not able to obtain FDA approval for our lead product, we may not have the resources to develop any other product, and we may not be able to continue in business,' it said.
The company's shares have been trading on Nasdaq since October 2021. On July 2nd, 2025, it had 'approximately 117 holders of record of our common stock', according to the document.
[
'Don't underestimate this guy': Who is Gareth Sheridan, the pharma millionaire running for president?
Opens in new window
]
Of that small number of shareholders, a key few own the bulk of the company. According to the July document, Sheridan then held 17.65 per cent of the stock. The man who temporarily took over as CEO from Sheridan last week, chairman Serguei Melnik, had 9.39 per cent. Other key figures had smaller percentages, but director Sergei Glinka, who bought his shares last year, had 19.33 per cent. Together these figures, the document said, had 54.39 per cent. 'We have very loyal shareholders who have been with us for a very long time,' Sheridan told the press conference.
The July document showed another shareholder, Vitalie Botgros, owned 39 per cent of the company. Botgros is a former chairman of Nutriband and a long-time investor. Cumulatively, therefore, more than 90 per cent of the shares are held by a very small number of investors.
Data for the past year shows the daily closing share price has fallen to less than $4 and reached above $10. These price fluctuations directly affect the nominal wealth of each of the major shareholders.
The volume of trade has also varied enormously, with a few thousand shares trading on some days, and more than three million on other days, including Friday of last week, when the share price closed at $7.7.
[
Co-founder of Gareth Sheridan's US business involved in 2019 Moldova airline privatisation controversy
Opens in new window
]
Melnik, Glinka and Botgros are all from Moldova (Melnik now lives in the US). Both Glinka and Botgros previously worked (prior to the war in Ukraine) for a now-sanctioned Russian railway rolling stock conglomerate called Transmashholding, associated with a sanctioned Russian billionaire called Iskander Makhmudov.
In 2018, there was major controversy in Moldova after the takeover of Air Moldova by a Romanian company in which Melnik was reported to be a 25 per cent shareholder, with a report from a parliamentary inquiry being severely critical of the deal. At his press conference, Sheridan said this had nothing to do with Nutriband or his bid to become President of the Irish Republic.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
16 minutes ago
- Irish Times
Laya Healthcare to increase prices by 4.5% from October
Laya Healthcare is to increase prices by an average of 4.5 per cent from the beginning of October. The Irish health insurance provider, which has more than 700,000 customers, blamed higher demand for private and high-tech healthcare and said that new advances in medical technology were increasing costs. The increase comes following a separate increase in premiums of 6.6 per cent at the beginning of April, and a 6.5 per cent increase in October 2024. Ten existing plans will be retired from the start of October, with customers on those plans to be contacted by the company. The insurer said it will be introducing a number of new plans in their place. READ MORE Laya said that some plans would see reduced premiums, such as its Signify plan where prices for adults are set to decrease by 1 per cent and 25 per cent for children. Its Core Connect plan has also decreased in cost. [ Laya to hike health insurance prices by 6.6% on average Opens in new window ] 'The cost of delivering healthcare is going up across the world, and Ireland is no exception,' the managing director of Laya Healthcare, DO O'Connor said. 'Demand for health services is at an all-time high, particularly in the private and high-tech hospital settings where we're seeing a 14.8 per cent increase in 2025 claim costs [year-to-date] when compared to last year.' The insurance company boss said that advances in medical technology, while 'welcome improvements' come at the 'highest cost we've seen in over 25 years'. 'Our product review aims to strike a careful balance between delivering fast access to healthcare while safeguarding affordability of cover for our members,' he said, reiterating the company's commitment to giving its members faster access to healthcare. Commenting on the increase, health insurance expert Dermot Goode said the increase was 'expected' in line with the company's 'previous trends of increasing rates twice per year', in April and in October. 'It appears that all insurers are still struggling to contain these costs especially as members want access to the new emerging treatments, drug therapies and technology,' he said. Mr Goode said that 'more increases are expected as insurers look to review their rates in advance of the peak renewal period when half the market or about 1.25 million members look to renew their cover.' 'Members need to be wary of these average figures as the actual increase on their plan may be significantly higher,' he said.
The Irish Sun
an hour ago
- The Irish Sun
‘Excellent candidate' has Healy-Rae backing for Aras as frontrunner emerges to replace McGuinness after shock withdrawal
It is understood that the former Minister is considering their options NEW NAME 'Excellent candidate' has Healy-Rae backing for Aras as frontrunner emerges to replace McGuinness after shock withdrawal HEATHER Humphreys would make an 'excellent candidate' for Irish President, according to Independent TD Michael Healy-Rae. His comes come after the shock withdrawal of Mairead McGuinness from the race on health grounds. 2 Heather Humphreys could become Fine Gael's new selection to run for the Aras Credit: Gary Ashe-Commissioned by The Sun Dublin Former Cavan-Monaghan TD Humphreys has been given a 9/1 chance with bookmakers of moving into Aras an Uachtarain after the election later this year. Fine Gael have been left assessing their next move after McGuinness announced on Thursday evening that she would not be running. Today, Deputy Healy-Rae said he would 'wholeheartedly' back Ms Humphreys if the party nominate her. The Kerry TD said: 'I would 100 per cent be in her favour. She's a highly capable lady. 'She would galvanise others outside her party and would appeal to a wider base than Fine Gael. 'There are people up and down the country, from all parties and none that would support her. 'Her performance over the years, her policies, the way she carried herself and the way she answered questions would all work in her favour.' The former Minister for Justice and Minister for Social Protection retired from politics last year saying she wanted to spend time with her family, but is now understood to be considering her options. McGuinness said she was stepping aside due to health concerns. The Fine Gael Executive Council will meet in the next few days to discuss their plans. 'Sad to see him go' - GAA fans emotional seeing Michael D Higgins attend last men's All-Ireland final as President McGuinness said she took the decision on medical advice. Names previously associated with the candidacy also include Sean Kelly MEP and Frances Fitzgerald. HEALTH CONCERNS Following McGuinness's withdrawal, Tanaiste Simon Harris said that there is a great sense of shock in Fine Gael following her decision to pull out of the presidential race on health grounds. In a statement, McGuinness said the decision was not taken lightly, and followed a stay in hospital last week. Tanaiste Harris said McGuinness is a 'great colleague' and a 'great friend' and is somebody who has served her party and her country with distinction. He said while she had been working hard in preparation for the presidential election, her health has to come first. 'THE RIGHT DECISION' He said: 'It's absolutely crystal clear that on the basis of health advice, she is making the right decision.' McGuinness said she is taking the decision on medical advice, and it is the 'right decision' for her and her family. Her statement said: 'My priority now is my health. Given that the election is in a short couple of months, I do not believe that I have the strength to give the campaign my all.' Fine Gael leader Harris said the party will convene its executive council in the days ahead and consider the next steps on any potential presidential candidate. WELL WISHES Independent TD Catherine Connolly, who launched her bid for the Aras last month, said McGuinness's decision came 'as a shock'. She said: 'Without a doubt this decision could not have been an easy one for her to make. I would like to extend my best wishes to Mairead and her family at this time, and all the best for the future.' Fianna Fail has yet to decide whether it will run a candidate, while Sinn Fein is considering its options, with a decision to be arrived at in a few weeks. Businessman Gareth Sheridan has already launched his campaign for the Aras, and said he is confident he can be proposed and seconded by six local authorities after having secured the support of Tipperary and Laois county councils.
Irish Times
an hour ago
- Irish Times
Planning refused for Airbnb operator with 10 apartments close to Dublin Castle
Dublin City Council has refused planning retention to a significant Airbnb operator close to Dublin Castle and Temple Bar to continue offering its apartments for short-term letting to tourists. Dublin Castle Suites advertises its 10 apartments on the Airbnb platform and can earn up to €350 per night, per apartment on busy weekends. The owner of the apartments facing on to Parliament Street and Dame Street would earn only a fraction of its current rental income if the apartments are to be rented for long-term letting only. A question mark has now been put over the lucrative enterprise following the council's decision to refuse planning retention to allow the apartments to continue as short-term lets. READ MORE The applicant, Olympia Real Estate Limited, now has the option of appealing to An Coimisiún Pleanála, which could reverse the council's planning refusal. [ 'We can't afford to live here': Westport housing crisis leaves no room for locals as homeowners turn to Airbnb Opens in new window ] In its decision, the council noted that there was a general presumption in the Dublin City Council Development Plan against the provision of dedicated short-term tourist rental accommodation in the city due to the impact on the availability of housing stock. The council stated that Olympia Real Estate Ltd has not provided a sufficient justification for the provision of short lease apartments at this location. It found that the proposal to continue the apartments for short-term letting 'would create an undesirable precedent for similar type development and would devalue property in the vicinity'. Olympia Real Estate Limited lodged the planning application after the council issued it with a warning letter over the use of the apartments for short-term letting. Planning consultants for the applicants, Cunnane Stratton Reynolds (CSR), stated that 'enabling housing as short-term let accommodation in this instance redirects such demand away from mainstream housing'. 'The proposed tourism accommodation will assist in the attractiveness of the area for tourists and will promote a continued busy and vibrant city centre,' the consultants added. CSR stated that its client's ability to acoustically meet the standards of normal accommodation was not available given the protected status of the premises in question. They state 'in a period of substantial housing crisis these units cannot remain vacant'. Objecting to the planned retention, Fiachra Brennan of Oakcourt Park, Dublin 20 and who works on Parliament Street said that 'these are high-quality urban apartments which should be available on the long-term rental market'. 'The applicant has pointed to issues with regard to soundproofing and insulation – this should not preclude the use of the property for its intended purpose,' he said.
