Cindy Eckert
Cindy Eckert | |
|---|---|
 | |
| Born | New York, U.S. |
| Other names | Cindy Whitehead |
| 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][excessive citations]
Early life and education
[edit]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]
Career
[edit]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.[6]
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]
The Pink Ceiling
[edit]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]
Controversy
[edit]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]
References
[edit]- ^ a b c d e "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.
- ^ a b "Valeant Gives $1 Billion Female Libido Pill Back to Old Owners". Bloomberg. 6 November 2017. Retrieved 2018-01-23.
- ^ "Arrogance and Greed: Ackman, Valeant Pay $290M to End Allergan Insider Trading Lawsuit". BioSpace. Retrieved 2021-06-03.
- ^ "Ackman's Pershing Square, Valeant to appear in court to discuss an insider trading lawsuit settlement". CNBC. 2018-01-03. Retrieved 2021-06-03.
- ^ "Anger Behind the Scenes When Valeant Jacked Up Price by 2,700% for Lead Poisoning Drug". BioSpace. Retrieved 2021-06-03.
- ^ a b 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.
- ^ Bryant, Adam (30 September 2016). "Cindy Whitehead: No Nickname? Just Leave That to Me". The New York Times. Retrieved 2017-08-05.
- ^ a b c "Woman behind female libido drug launches 'Pinkubator' for women-focused businesses". NewsObserver.com. Retrieved 2017-08-05.
- ^ "How Did Cindy Eckert And Her Empire Win Prejudice And Skeptical Investors?". 13 October 2020. Retrieved 2021-04-11.
- ^ "CEO of company behind Addyi says female sexuality is about biology, not just psychology". The New York Times. Retrieved 2017-08-05.
- ^ "Company Overview of Slate Pharmaceuticals, Inc". Bloomberg.com. Retrieved 2017-08-05.
- ^ a b "The woman behind 'female Viagra' sold her company for $1 billion — that's when everything fell apart". BusinessInsider.com. Retrieved 2017-08-05.
- ^ "'Female Viagra' Founder Is Back as CEO After Valeant Gave the Billion-Dollar Drug Back for Free". Fortune.com. Retrieved 2018-06-13.
- ^ "Honorary Degrees Conferred". University Leadership. Retrieved 2024-06-06.
- ^ "How I Get It Done: Cindy Whitehead, the Creator of 'Female Viagra'". NYMag.com. 10 October 2016. Retrieved 2017-08-11.
- ^ "Exclusive: The Woman Behind the 'Female Viagra' Has a New Venture". Fortune.com. Retrieved 2017-08-11.
- ^ "Philly startup creates new pregnancy test". Philly.com. 16 June 2015. Retrieved 2017-08-11.
- ^ "Unapologetically Pink". FacesOfFounders.com. Retrieved 2017-08-11.
- ^ 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.
- ^ says, Mark Thorson (2019-04-11). "FDA chastises Addyi maker over trying to remove alcohol safety warning". STAT. Retrieved 2021-06-03.
- ^ 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.
- ^ 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.
- ^ Nagoski, Emily (2015-02-27). "Opinion | Nothing Is Wrong With Your Sex Drive". The New York Times. ISSN 0362-4331. Retrieved 2021-06-03.
- ^ "Debate Over Addyi Flares Anew". www.medpagetoday.com. 2016-03-01. Retrieved 2021-06-03.
- ^ Koons, Cynthia (June 13, 2018). "The Women's Libido Pill Is Back, and So Is the Controversy". Bloomberg News.
- ^ "FDA warns Sprout for misleading Addyi come-on". www.raps.org. Retrieved 2021-06-03.
- ^ Commissioner, Office of the (2020-03-24). "FDA orders important safety labeling changes for Addyi". FDA. Retrieved 2021-06-03.