Cindy Eckert
Cindy Eckert (formerly Whitehead) is an American entrepreneur and activist who was the founder & CEO of Sprout Pharmaceuticals which was acquired by Valeant Pharmaceuticals in 2015 for $1.5 billion in stock.[1] In November 2017, Eckert re-acquired Sprout Pharmaceuticals, and the rights to its drug Addyi, from Valeant after it collapsed amongst rampant fraud and price jacking allegations.[2]
Cindy Eckert (formerly Whitehead) | |
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Eckert interviewed by Ashley Graham in 2019 |
Early life
Cindy Eckert was born in upstate 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 Eckert served as a US Ambassador to Fiji.[3] She graduated from Marymount University in Virginia.[4]
Career
Eckert began her career with Merck, before moving on to work with smaller, specialty pharmaceutical companies Dura and Elan.[4] After a stint with QVC, Eckert returned to the healthcare space to found two pharmaceutical companies - Slate Pharmaceuticals and Sprout Pharmaceuticals - both of which she sold.[5]
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.[6] 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.[7]
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.[8] In November 2017, Eckert re-acquired Sprout Pharmaceuticals from Valeant for "almost nothing", according to Bloomberg.[2]
Her exits total $1.5 billion[4][9]
In 2018, Eckert formally changed her name from Cindy Whitehead.[10]
The Pink Ceiling
Eckert launched the Pink Ceiling in order to improve access to capital for female-led start-ups.[5] “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.[5] Eckert works with a team of women to determine which female-led companies will be the recipients of venture capital funding.[11][12]
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),[8] Lia Diagnostics (which produces a flushable pregnancy test),[13] Intuitap (which has a medical device aimed to streamline the spinal tap procedure),[5] and Pursuit (which is developing a patented technology to improve four different aspects of sleep)[14]
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.[4]
References
- "2016's Women To Watch". Entrepreneur.com. Retrieved 2017-08-05.
- "Valeant Gives $1 Billion Female Libido Pill Back to Old Owners". Bloomberg.com. Retrieved 2018-01-23.
- "Cindy Whitehead: No Nickname? Just Leave That to Me". NYTimes.com. Retrieved 2017-08-05.
- "Woman behind female libido drug launches 'Pinkubator' for women-focused businesses". NewsObserver.com. Retrieved 2017-08-05.
- "This Entrepreneur Who Sold Her Company for $1 Billion Wants You to Throw Out the Unwritten Rules That Hold You Back". Entrepreneur.com. Retrieved 2017-08-05.
- "CEO of company behind Addyi says female sexuality is about biology, not just psychology". NYTimes.com. Retrieved 2017-08-05.
- "Company Overview of Slate Pharmaceuticals, Inc". Bloomberg.com. Retrieved 2017-08-05.
- "The woman behind 'female Viagra' sold her company for $1 billion — that's when everything fell apart". BusinessInsider.com. Retrieved 2017-08-05.
- "How To Make Millions Off Your Exit: 7 Entrepreneurs Worth Over $2 Billion Explain". Forbes.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.
- "How I Get It Done: Cindy Whitehead, the Creator of 'Female Viagra'". NYMag.com. 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. Retrieved 2017-08-11.
- "Unapologetically Pink". FacesOfFounders.com. Retrieved 2017-08-11.