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Extra.ie
2 days ago
- Business
- Extra.ie
I married to get a Green Card to the States, admits pharma boss Sheridan
Presidential hopeful Gareth Sheridan has admitted he secured American citizenship as a result of a 'green card' marriage. And if elected Ireland's youngest ever head of State, the millionaire businessman said he has no intention of giving back the citizenship he obtained under controversial circumstances. Describing how he became a US citizen following his campaign launch this week, Mr Sheridan said: 'We got married initially in America, then we had our big ceremony back in Kildare. Our initial wedding was more of a means to stay together – more I would get my Green Card, essentially.' Pressed further about his marriage to his American-born wife Heidi, he replied: 'Yeah exactly, it was solely [to get a Green Card], we would have had to split up. 'Heidi and I were very serious at that point. We said we would jump the gun on what we already discussed would be a wedding in our near future. 'I think absolutely I will hold onto it [American citizenship]. I travel on my Irish passport. I am an Irish person before anything else.' Gareth Sheridan at the Tullamore Show. Pic: Alf Harvey If he were to win, Mr Sheridan would be the first president since Eamon de Valera to have US citizenship. The Dublin-born businessman made the admission in an interview a day after he launched his campaign on Thursday. He is hoping to get on the Presidential ticket by persuading members of four local authorities to nominate him as a candidate. According to the pharma businessman, two people on four local authorities have agreed to propose and second him as a potential candidate, and he claims to have had a favourable response from four other councils. But he will need the approval of four councils to enter the race. Independent Senator Sharon Keogan is helping his campaign. Born on Dublin's southside, Gareth Sheridan grew up in Terenure and was educated at the fee-paying Terenure College. After studying at the Dublin Institute of Technology he emigrated to America, where the father of one made his fortune through his company Nutriband, which developed a range of products using patches to administer vitamins and other medications. Gareth Sheridan with his wife Heidi and daughter Róe at the Tullamore Show canvassing Susan Leonard, from Pettigo, Co Donegal. Pic: Alf Harvey After selling the company, he then rebought the business, and the company has since developed a patch to administer painkillers. However, the company has been linked to controversies, some of which were highlighted this week as Mr Sheridan prepared his Presidential launch. The young businessman and a business partner were both fined $25,000 by the Securities and Exchange Commission (SEC) for providing misleading information about some of their company's products. Three associates involved in Mr Sheridan's company – Serguei Melnik, Sergei Glinka, and Vitalie Botgros – have found themselves at the centre of separate corruption investigations in Moldova and Romania. There have also been allegations of money laundering, suitcases of cash, creditors being left without their money and threats to national security. Mr Melnick was a shareholder in a company that took over the Republic of Maldova's flag carrier, Air Moldova. But after the deal went through, the Moldovan equivalent of the Criminal Assets Bureau seized the assets of both firms amid claims of 'large scale money laundering' and 'fictional transactions'. Mr Melnick is currently at the helm of Nutriband while his business partner is on the campaign trail to become Ireland's next President. It has also been reported that authorities in Romania are investigating their colleague, Sergei Glinka, over a deal that may pose national security concerns. Both Mr Glinka and Mr Botgros worked for a now-sanctioned Russian railway company called Makhmudov, which has been linked to the sanctioned Russian billionaire, Iskander Makhmudov. Asked about his three associates who have found themselves at the centre of various corruption probes and allegations, Mr Sheridan first defended them by claiming their backgrounds had been checked by various regulators. Gareth with his wife Heidi and daughter Roe. Pic: Instagram @gareth_sheridan But he was unable to give assurances that he did thorough background checks on his business associates. And when asked if the three men, who have a major stake in his company, are 'squeaky clean', the millionaire replied: 'Well, I don't know' – before adding: 'If the narrative is that I have some sort of Russian ties, it's absolutely 100% categorically false. I'm saying [I'm] nowhere near it – 100%, not tied to any of that. I'm getting [described as] 'Russian stooge' in one sentence and 'MAGA [Make America Great Again] enthusiast' on the next. 'I mean, that doesn't mesh very well, but I'm a proud Irishman who wants to do a good job and that's what I am.' Mr Sheridan moved back to Ireland with his wife Heidi and the couple's adopted daughter Roe in February after deciding late last year to put himself forward as a candidate to succeed President Michael D Higgins. Despite making housing his campaign pitch for the Áras, the 35-year-old admitted he does not have a solution of how to solve the crises that bedevilled successive governments. 'Well, I don't have the answers to it right now. Collectively, as a country, we need to bring in more voices on it, particularly the younger generations. 'Wouldn't it be a beautiful thing if the younger generations' energy, enthusiasm and entrepreneurship was involved and paired with all the experience of the older generations?' Asked why he is seeking the ceremonial role of President rather than trying to make a difference on the ground by contesting local or Dáil elections, he replied: 'I'm not a politician. It depends on how you look at it – what I'm trying to do is encourage younger participation. If they feel they have a figurehead that they can relate to and represents them. 'One person going into the Dáil, if it was me – to try and enact changes doesn't happen, but encouraging a whole generation of people to now pick up interest and feel like they have a voice, then we're setting a movement.'
Irish Independent
2 days ago
- Business
- Irish Independent
Why does a young, successful entrepreneur like Gareth Sheridan suddenly want to press pause and run for president?
35-year-old's Áras hopeful's firm Nutriband is at a critical stage in its evolution. Now he wants leave it all behind. Why? Today at 00:30 From legal rows to boardroom bust-ups, potential presidential candidate Gareth Sheridan's pharma firm, Nutriband, has been no stranger to controversy over the last decade. The Nasdaq-listed, opioid pain-relief patch company, set up by Sheridan in Dublin back in 2012 and now headquartered in Florida, has already been embroiled in a long-running court battle in the US, where it claimed to be the victim of a fraud that saw it hand over shares valued at $47m (€40m) in 2019.
Irish Times
2 days ago
- Business
- Irish Times
Gareth Sheridan: Nutriband ‘will help a lot of people who are dealing with addiction and people who are dealing with pain'
Nutriband is a pharmaceutical company that was founded in Dublin in 2012 before relocating to Florida in 2016. Gareth Sheridan, who recently announced his intention to run for president and has stepped aside for three months as chief executive, is its founder. The company's lead product is Aversa, which it describes as 'abuse-deterrent transdermal technology', which incorporates aversive agents to prevent the abuse, diversion, misuse, and accidental exposure of drugs with abuse potential, specifically opioids. Its first application is its abuse-deterrent fentanyl transdermal patch, which it is developing to provide clinicians and patients with extended-release chronic pain relief. It is awaiting regulatory clearance for this product in the US. The company has operations in Florida, Georgia, and North Carolina, and recently began its expansion back to Dublin. READ MORE What lightbulb moment prompted you to start-up in business? It was originally a thesis idea. I had noticed a patch that my dad wears and began wondering what other types of medications could be delivered that way that had not been explored yet. The thesis became a business plan, and Nutriband was registered in 2012. Describe your business model and what makes your business unique. We structured the company in a unique way, using capital markets and a public listing approach. We listed on the OTC Markets in 2016 and started using stock to purchase companies and technologies in place of cash. This helped us to avoid raising expensive early capital and retain a major equity stake in the company today, even after an eventual qualification to list on the Nasdaq (in New York) in 2010. We also do not develop new drug applications. We take existing generic medications and use our technologies to improve upon those and relaunch them as a branded product again. What is your greatest business achievement to date? Growing the company to a level where we qualified to list on the Nasdaq Stock Exchange and getting to ring the opening bell. What was your back-to-the-wall moment and how did you overcome it? We almost got sued by the SEC (The US Securities and Exchange Commission) for an accidental erroneous disclosure in one of our filings while on the OTC markets. At first, we thought it could be explained. However, it grew to the point where they were doubling down. We hired an excellent attorney with SEC experience and eventually settled the issue in a cease-and-desist, no-admit, no-deny agreement. This led to our back-to-the-wall moment, where, while running on fumes financially, we received a rejection from Nasdaq in our first application. After a couple of days of self-pity, we got back to work, raised some working capital with existing shareholders, and grew the company's equity by $7.5 million (€6.4 million) over the course of the next year. We reapplied to list again successfully. What moment would you cite as a turning point for the company? Credibility provided by our Nasdaq listing and subsequent partnership with Kindeva Drug Delivery (formerly 3M Drug Delivery), where Kindeva supplied their generic approved fentanyl patch for us to add our technology to. What were the best and the worst pieces of advice you received when starting out? The worst advice was that banks and institutions have your company's best interests at heart. I firmly believe that today, Wall Street is built on companies failing, not succeeding. Describe your growth funding path. We were reluctant to raise expensive capital early on and instead listed the company to use stock as an acquisition currency to grow. Our gamble on this paid off, and although we raised modest cash along the way, we were able to build Nutriband without any significant seed or angel rounds. We reached a market capitalisation of $120 million (its market value currently is about $75 million), and we have been able to maintain stable and steady control as a result of the minimal capital rounds. We turn down anywhere from $5 million to $15 million on a weekly basis from funds and institutions because we do not need it. We are not in the business of raising money, and having as little dilution as possible is a core focus for us as a company. How will your market look in three years and where would you like your business to be? For our first product, we are expected to reach annual revenues of $200 million. Our second product is independently estimated to have upwards of $135 million in yearly revenue. We are targeting the billion dollar club before the end of 2027. What are your annual revenues and profits? We are not yet profitable, as is typical with clinical development-stage companies. However, we also contract manufacture sports tapes and products for brands such as Reebok and KT Tape. Our target revenue from this source for the financial year to the end of January 2026 is $3 million * . This goes towards operational costs and reduces our clinical burn. Why have you decided to seek a nomination for the presidency? It's never been a more important or relevant time in our history for a young president, particularly with the average age just under 40. I would be hoping that having a younger president would help narrow the division we're seeing in the country at the moment and that we can work together to tackle the issues, particularly the housing crisis. The younger generation aren't feeling very enthusiastic that their voices are being heard. What impact will this move have on your business? The company is in very safe hands and the biggest asset at the company is the team. We've got a very definite plan and timeline between now and Christmas on what needs to be achieved. Whether I'm in there or not that timeline needs to be adhered to. The company is motoring along fine. Stepping aside is not something that I think will fundamentally affect the opportunity for the company. What happens if you win? There are mechanisms where I can put the shares into a trust. I would be very proud that it was a company that I started and be very keen to still follow the journey, just not as CEO. Nutriband as a whole is going to do a lot of will help a lot of people who are dealing with addiction and people who are dealing with pain. *An earlier version of this article stated a higher target figure for contract manufacturing, which has since been revised by the company.
Irish Times
4 days ago
- Business
- Irish Times
Very small number of investors own vast bulk of shares in Gareth Sheridan's US firm
The wealth of Dublin businessman 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.
The Journal
4 days ago
- Business
- The Journal
What's the beef between this previous and current presidential hopeful?
PRESIDENTIAL HOPEFUL GARETH Sheridan, a millionaire most people in the country had not heard of before this week, kick-started his campaign today with a jaw-dropping accusation. Sheridan held the first press conference of his presidential campaign in Dublin's Shelbourne Hotel this morning and chose to open it by claiming that there has been a coordinated attack on his character. He claimed that this attack came from people associated with Seán Gallagher, the businessman and former Dragon's Den star who came second in the 2011 presidential election. The Journal put Sheridan's claims about Gallagher today to a spokesperson for Seán Gallagher, but has not received a response. So far, Gallagher has chosen not to comment on his relationship with Sheridan or on his departure from Nutriband. Addressing his past business relationship with Gallagher, Sheridan mused at the outset of his press conference today: 'Perhaps somebody is taking our breakup a little bit worse than me'. The Journal / YouTube Speaking directly to the journalists gathered in the Shelbourne Hotel in Dublin for his launch, Sheridan said the coverage they have given of his campaign so far has been 'commendable'. He continued: 'But, just one thing I wanted to bring to your attention is that there seems to be somewhat of a coordinated attack taking place on my character by people associated and in Seán Gallagher's circle.' He quickly followed this up by adding: 'Now, I'm not saying for a moment that Seán is behind this or involved in any way. 'At MacGill [Summer School] a couple of weeks ago he actually encouraged participation, asked the media to be nice to candidates that were brave to come forward and actually put their name in the ring. Advertisement 'But some of you in the room know what I'm talking about. That's all I'll say about that.' The Journal / YouTube So what the hell has gone on between the pair to merit such a statement from Sheridan at the outset of his campaign? The background How do Sheridan and Gallagher know each other? Sheridan, the 35-year-old multi-millionaire, is the founder and former CEO of US-based pharma company Nutriband. Seán Gallagher became chairman of the firm in 2018 and departed four years later in 2022. Asked about their relationship during a radio interview on Monday, Sheridan said he had not been in contact with Gallagher to get any advice about running for office. What do we know about Gallagher leaving the company? Sheridan and his company, Nutriband, only really gained mainstream recognition in Ireland earlier this week when he announced his bid for the Áras. Since then, journalists have been looking into the presidential hopeful, and there have been numerous reports on both him personally and on his company. Some of these related to Gallagher's departure from the company. On Tuesday, there were reports of 'mystery' surrounding his exit , but by Wednesday morning, the Irish Independent had reported that Gallagher had left the company's board over a row related to a $180,000 corporate box. Related Reads Millionaire Áras hopeful launches presidential campaign in the Shelbourne - here's what he said The millionaire millennial seeking the presidency: How did Gareth Sheridan get so rich? Catherine Connolly is using American-style grassroots fundraising for her presidential campaign According to the report, Gallagher raised concerns about the box at the Orlando Magic basketball arena, and in a statement to the Irish Independent, Sheridan insisted that the box makes a 'great return'. The statement from Sheridan further explained that communication broke down between the company and Gallagher in 2022, ahead of his resignation. What was the breakdown in communication about? Sheridan used his press conference today to shed some further light on this breakdown and on the pair's relationship. He explained that ahead of Nutriband being listed publicly on the stock exchange in 2021, it had received advice that it would be better to have a chairperson with capital markets experience. 'We proposed this to Seán. We asked him to voluntarily step aside on the same remuneration,' Sheridan said. He then explained that Gallagher was not agreeable to this, communication broke down, and a new chairperson was voted in by a majority of shareholders. 'I wish Seán nothing but the best in whatever he's working on now. I'd just like to be very upfront and make sure that you're aware of the situation that we're facing. Perhaps somebody is taking our break-up a little bit worse than me,' Sheridan said. Sheridan has not yet formally received a nomination to run in this year's presidential election. To date, Catherine Connolly is the only candidate formally in the race following the unexpected withdrawal today of Fine Gael's Mairead McGuinness. Readers like you are keeping these stories free for everyone... Our Explainer articles bring context and explanations in plain language to help make sense of complex issues. We're asking readers like you to support us so we can continue to provide helpful context to everyone, regardless of their ability to pay. Learn More Support The Journal
