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]
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]
She sold Sprout to Valeant in 2015 after the company won FDA approval for the drug Addyi, the first drug designed to enhance female libido.[13] Prior to founding Sprout, 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.[14]
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.[15] 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.[16]
In 2021, she received an honorary Doctor of Humane Letters from North Carolina State University.[17]
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.[18][19]
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),[15] Lia Diagnostics (which produces a flushable pregnancy test),[20] 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)[21]
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.[22][23][24][25] Critics have said that it shows the FDA caving to social pressure over the actual benefits of the drug.[26][27] As of 2018 only about 600 prescriptions are filled every month according to Bloomberg.[28] 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".[29][30]
