Cindy Eckert should not be confused with Cynthia Eckert.
| Cindy Eckert | |
| Other Names: | Cindy Whitehead |
| Birth Place: | New York, U.S. |
| Education: | Marymount University (BBA) |
| Father: | Fred J. Eckert |
Cindy Eckert 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.[1] 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.[2] [3] [4] [5] [6]
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.[7] She earned a Bachelor of Business Administration from Marymount University.[8] [9]
Eckert began her career with Merck, before moving on to work with smaller, specialty pharmaceutical companies Dura and Elan.[8] After a stint with QVC, Eckert found Slate Pharmaceuticals and Sprout Pharmaceuticals.[1]
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.[10] 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.[11]
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.[12] 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.[2] Valeant's stock had collapsed nearly 80% from the acquisition price due to a large financial engineering and price jacking scandal.
In 2018, Eckert formally changed her name from Cindy Whitehead.[13]
In 2021, she received an honorary Doctor of Humane Letters from North Carolina State University.[14]
Eckert launched the Pink Ceiling in order to improve access to capital for female-led start-ups.[1] “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.[1] Eckert works with a team of women to determine which female-led companies will be the recipients of venture capital funding.[15] [16]
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),[12] Lia Diagnostics (which produces a flushable pregnancy test),[17] Intuitap (which has a medical device aimed to streamline the spinal tap procedure),[1] and Pursuit (which is developing a patented technology to improve four different aspects of sleep)[18]
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.[8]
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.[19] [20] [21] [22] Critics have said that it shows the FDA caving to social pressure over the actual benefits of the drug.[23] [24] As of 2018 only about 600 prescriptions are filled every month according to Bloomberg.[25] 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".[26] [27]