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Former presidential candidate-backed Nutriband has doubts over future

 

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Nutriband president Sean Gallagher

Nutriband president Sean Gallagher

Nutriband president Sean Gallagher

Nutriband, an Irish-owned medical product company which counts businessman and former presidential candidate Sean Gallagher as its president, has expressed doubt over its ability to continue as a going concern.

In its annual report, the US-based business said due to a lack of funds and the effects of the Covid-19 pandemic, it temporarily closed its operations. Nutriband said it did not expect it will be able to commence operations relating to the development of its transdermal pharmaceutical products until it received substantial funding.

According to the report, Nutriband's auditors expressed doubt about its ability to continue as a going concern. Nutriband also said its operation and transition to profitability were dependent on obtaining financing, sustainable revenue, and Food and Drug Administration approval to market its products. "These factors raise substantial doubt about our ability to continue as a going concern. Without such financing, we may not be able to continue in business," the report said.