Cindy Eckert | |
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Born | 1973 (age 51–52) Rochester, New York, U.S. [1] |
Other names | Cindy 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 ]
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]
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]
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]
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]