Gareth Sheridan Company Deal with IDF-Linked Hospital
Nutriband, Gaza Hospital Link, and Presidential Aspirant Gareth Sheridan Face Scrutiny
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Gareth Sheridan, a recently announced presidential candidate, is facing questions over a past business venture involving an Israeli hospital wiht alleged ties to shielding Hamas militants in Gaza.Teh scrutiny centers on Nutriband, a company founded by Sheridan in 2012, and its ultimately failed attempt to bring a medical device developed by Rambam Medical Center to the US market.
Nutriband’s Deal with Rambam Hospital: A Failed Venture
In 2020, nutriband signed a licensing agreement with Rambam Medical Center in Haifa, Israel, to develop and market a pill crusher designed to dissolve solid medications for patients who have difficulty swallowing. The agreement stipulated that Nutriband would make “thorough and diligent efforts” to commercialize the technology, which was “developed and/or owned by Rambam Hospital.” The company aimed to secure FDA approval for the device, hoping to address a significant need for patients unable to take medication in pill form.
the deal involved a complex financial arrangement. Nutriband paid $50,000 for the licensing rights, channeled through Israeli company BPM Inno Ltd.Concurrently, BPM invested $700,000 in Nutriband, purchasing 94,962 shares at $7.37 each. BPM also secured exclusive rights to act as Nutriband’s agent with rambam, receiving a 4.5 percent commission on future revenues. Critically, the agreement stipulated that if Nutriband failed to bring the device to market within three years, BPM would receive half of any future sales.However, the venture stalled. By October 2022, Nutriband suspended growth, citing market research indicating the technology was “not commercially viable in its current form.” A month later, the agreements with Rambam and BPM were terminated, and all intellectual property reverted to the Israeli hospital. Nutriband raised $5.8 million in a public offering in October 2021, funds that were not ultimately used for the Rambam technology.
Rambam Hospital and Allegations of Supporting Hamas
The connection to Rambam Medical Center has drawn criticism due to recent allegations concerning the hospital’s role during the ongoing conflict in Gaza. Doctors connected to Rambam Medical Center published an article in The Lancet arguing that hospitals in Gaza “play a substantial role in shielding hamas militants” and defending targeting them in attacks. This claim has sparked significant controversy and debate within the medical community and beyond.
The article in The Lancet details accusations that Hamas operatives utilize hospital infrastructure for military purposes, effectively turning medical facilities into legitimate targets under international law. While the authors acknowledge the complexities and ethical dilemmas involved, they assert that the presence of militants within hospitals compromises the neutrality of these institutions and necessitates a re-evaluation of traditional protections.
Sheridan’s Response and Broader Political Context
Gareth Sheridan,who announced his intention to seek the presidency this week,has responded to the scrutiny through a spokesperson. The spokesperson stated that the licensing agreement with Rambam was signed in December 2020 but was never developed due to insufficient investment. They emphasized that “much has changed in the world since the time of our agreement in 2020,” and expressed outrage at the unfolding situation in Gaza.
The spokesperson further echoed calls from the Irish government for an immediate ceasefire, the release of all hostages, and unhindered access for humanitarian aid through established international channels like the UN. Nutriband also serves the US navy and UN peacekeepers, according to company information.
The timing of this scrutiny is especially sensitive given Sheridan’s presidential ambitions. The allegations raise questions about his judgment and due diligence in business dealings, and potentially his associations. The controversy is likely to be a focal point as sheridan campaigns for the presidency, forcing him to address the ethical and political implications of his past business ventures.