Cindy Eckert

Last updated
Cindy Eckert
Cindy Eckert on Ashley Graham.jpg
Born1973 (age 5152)
Other namesCindy Whitehead
Education Marymount University (BBA)
Father Fred J. Eckert

Cindy Eckert (born 1973) [2] [3] is an American entrepreneur known for founding Sprout Pharmaceuticals. She subsequently founded The Pink Ceiling which invests in companies founded by, or delivering products for, women. [4] In November 2017, Eckert re-acquired Sprout Pharmaceuticals as part of a lawsuit settlement, and the rights to its drug Addyi, from Valeant after Valeant's stock collapsed due to insider trading and price jacking allegations. [5] [6] [7] [8] [9] [ excessive citations ]

Contents

Early life and education

Cindy Eckert was born in Western New York. According to a New York Times profile piece, she attended a different school each year from the fourth grade through the twelfth. During those years she lived overseas where her father, Fred J. Eckert, served as a U.S. Ambassador to Fiji. [10] She earned a Bachelor of Business Administration from Marymount University. [11] [12]

Career

Eckert began her career with Merck, before moving on to work with smaller, specialty pharmaceutical companies Dura and Elan. [11] After a stint with QVC, Eckert found Slate Pharmaceuticals and Sprout Pharmaceuticals. [4]

Eckert co-founded Slate Pharmaceuticals in 2007. Slate was focused on men's sexual health with an FDA approved long acting testosterone product, Testopel. Slate sold in 2011 to Actient Pharmaceuticals. [13]

In August 2015, she sold Sprout Pharmaceuticals for $1 billion, to Valeant, a day after the company won FDA approval for the drug Addyi, the first drug designed to enhance female libido. [14] [15] [16] [17]


In November 2017, it was announced that Valeant would sell Sprout Pharmaceuticals back to its original owners, two years after acquiring the business for $1 billion. [18] [19]

Eckert established an investment firm called The Pink Ceiling in 2016 after the most recent exit, when she sold Sprout Pharmaceuticals to Valeant Pharmaceuticals for $1 billion. [20] In November 2017, Eckert re-acquired Sprout Pharmaceuticals from Valeant for "almost nothing" as part of a settlement of a lawsuit, according to Bloomberg News. [5] Valeant's stock had collapsed nearly 80% from the acquisition price due to a large financial engineering and price jacking scandal. [9]

In 2018, Eckert formally changed her name from Cindy Whitehead. [21]

In 2021, she received an honorary Doctor of Humane Letters from North Carolina State University. [22]

The Pink Ceiling

Eckert launched the Pink Ceiling in order to improve access to capital for female-led start-ups. [4] “The injustice I’m fighting with the Pink Ceiling is not only women’s limited access to capital, but also their limited access to mentors,” she told Entrepreneur Magazine. [4] Eckert works with a team of women to determine which female-led companies will be the recipients of venture capital funding. [23] [24]

To date, The Pink Ceiling has invested in eleven start-ups, with public announcements on their involvement with Undercover Colors (a company that is developing wearable nail tech to detect the presence of a date rape drug in drinks), [20] Lia Diagnostics (which produces a flushable pregnancy test), [25] Intuitap (which has a medical device aimed to streamline the spinal tap procedure), [4] and Pursuit (which is developing a patented technology to improve four different aspects of sleep) [26]

The Pink Ceiling's affiliated incubator, called the “Pinkubator” because of its female focus, is located in Raleigh, North Carolina. The “Pinkubator” was established to provide female-focused entrepreneurs with direct access to mentors, investment opportunities, and business development guidance. [11]

Controversy

Eckert's drug Addyi has faced rampant criticism from scientists and physicians due to lack of efficacy and a PR campaign waged by her company Sprout Pharmaceuticals against the FDA. [27] [28] [29] [30] Critics have said that it shows the FDA caving to social pressure over the actual benefits of the drug. [31] [32] In 2020 the FDA sent Sprout a warning letter regarding their marketing of the drug demanding the Sprout create "comprehensive plan for truthful, non-misleading, and complete corrective messages". [33] [34]

References

  1. "Meet the Woman Who Created the Female Viagra - in the Groove Summer 2019". 18 June 2019.
  2. Walden, Celia (2018-10-21). "Meet Cindy Eckert – the founder of 'female Viagra', on a mission to give British women their sex drives back". The Telegraph. ISSN   0307-1235 . Retrieved 2024-12-19.
  3. Berger, Sarah (2018-06-21). "The woman behind 'female Viagra' sold her company for $1 billion — then got it back for free". CNBC. Retrieved 2024-12-19.
  4. 1 2 3 4 5 "This Entrepreneur Who Sold Her Company for $1 Billion Wants You to Throw Out the Unwritten Rules That Hold You Back". Entrepreneur.com. 14 July 2017. Retrieved 2017-08-05.
  5. 1 2 "Valeant Gives $1 Billion Female Libido Pill Back to Old Owners". Bloomberg. 6 November 2017. Retrieved 2018-01-23.
  6. "Arrogance and Greed: Ackman, Valeant Pay $290M to End Allergan Insider Trading Lawsuit". BioSpace. 2 January 2018. Retrieved 2021-06-03.
  7. "Ackman's Pershing Square, Valeant to appear in court to discuss an insider trading lawsuit settlement". CNBC. 2018-01-03. Retrieved 2021-06-03.
  8. "Anger Behind the Scenes When Valeant Jacked Up Price by 2,700% for Lead Poisoning Drug". BioSpace. 12 October 2016. Retrieved 2021-06-03.
  9. 1 2 Morgenson, Gretchen (2016-07-29). "How Valeant Cashed In Twice on Higher Drug Prices". The New York Times. ISSN   0362-4331 . Retrieved 2021-06-03.
  10. Bryant, Adam (30 September 2016). "Cindy Whitehead: No Nickname? Just Leave That to Me". The New York Times. Retrieved 2017-08-05.
  11. 1 2 3 "Woman behind female libido drug launches 'Pinkubator' for women-focused businesses". NewsObserver.com. Retrieved 2017-08-05.
  12. "How Did Cindy Eckert And Her Empire Win Prejudice And Skeptical Investors?". 13 October 2020. Retrieved 2021-04-11.
  13. "Company Overview of Slate Pharmaceuticals, Inc". Bloomberg.com. Retrieved 2017-08-05.
  14. "CEO of company behind Addyi says female sexuality is about biology, not just psychology". The New York Times . Retrieved 2017-08-05.
  15. "Valeant Pharmaceuticals To Acquire Sprout Pharmaceuticals" (Press release). PRNewswire. August 20, 2015.
  16. Chen, Caroline (20 August 2015). "Valeant Buys Female Libido-Drug Maker Sprout for $1 Billion". Bloomberg L.P.
  17. Rockoff, Jonathan (20 August 2015). "Valeant to Buy Maker of Women's Libido Drug for $1 Billion". The Wall Street Journal . Retrieved 20 August 2015.
  18. "Valeant to sell female libido pill business back to former owners". reuters.com. Archived from the original on November 6, 2017. Retrieved 7 April 2018.
  19. "Valeant Agrees To Sell Sprout Pharmaceuticals Subsidiary To Former Shareholders Of Sprout Pharmaceuticals". ir.valeant.com. Retrieved 7 April 2018.
  20. 1 2 "The woman behind 'female Viagra' sold her company for $1 billion — that's when everything fell apart". BusinessInsider.com. Retrieved 2017-08-05.
  21. "'Female Viagra' Founder Is Back as CEO After Valeant Gave the Billion-Dollar Drug Back for Free". Fortune.com. Retrieved 2018-06-13.
  22. "Honorary Degrees Conferred". University Leadership. Retrieved 2024-06-06.
  23. "How I Get It Done: Cindy Whitehead, the Creator of 'Female Viagra'". NYMag.com. 10 October 2016. Retrieved 2017-08-11.
  24. "Exclusive: The Woman Behind the 'Female Viagra' Has a New Venture". Fortune.com. Retrieved 2017-08-11.
  25. "Philly startup creates new pregnancy test". Philly.com. 16 June 2015. Retrieved 2017-08-11.
  26. "Unapologetically Pink". FacesOfFounders.com. Retrieved 2017-08-11.
  27. Baid, Rashmi; Agarwal, Rakesh (2018). "Flibanserin: A controversial drug for female hypoactive sexual desire disorder". Industrial Psychiatry Journal. 27 (1): 154–157. doi: 10.4103/ipj.ipj_20_16 . ISSN   0972-6748. PMC   6198608 . PMID   30416308.
  28. says, Mark Thorson (2019-04-11). "FDA chastises Addyi maker over trying to remove alcohol safety warning". STAT. Retrieved 2021-06-03.
  29. Schulte, Brigid; Dennis, Brady (2015-08-18). "FDA approves controversial drug for women with low sex drives". Washington Post. ISSN   0190-8286 . Retrieved 2021-06-03.
  30. Woloshin, Steven; Schwartz, Lisa M. (2016-04-01). "US Food and Drug Administration Approval of Flibanserin: Even the Score Does Not Add Up" . JAMA Internal Medicine. 176 (4): 439–442. doi:10.1001/jamainternmed.2016.0073. ISSN   2168-6106. PMID   26926770.
  31. Nagoski, Emily (2015-02-27). "Opinion | Nothing Is Wrong With Your Sex Drive". The New York Times. ISSN   0362-4331 . Retrieved 2021-06-03.
  32. "Debate Over Addyi Flares Anew". www.medpagetoday.com. 2016-03-01. Retrieved 2021-06-03.
  33. "FDA warns Sprout for misleading Addyi come-on". www.raps.org. Retrieved 2021-06-03.
  34. Commissioner, Office of the (2020-03-24). "FDA orders important safety labeling changes for Addyi". FDA. Retrieved 2021-06-03.[ dead link ]