Warsaw-based WishBone Medical Inc. on Thursday announced the appointment of Dr. Mark Figgie as interim chief executive officer. The pediatric orthopedic medical device maker made the announcement in addition to a growth capital investment from Texas-based private equity firm LKCM Headwater Investments.
Figgie, who serves on WishBone’s board of directors, is chief of the surgical arthritis service at Hospital for Special Surgery in New York.
He succeeds WishBone co-founder and CEO Nick Deeter, who is stepping down and moving into a consulting role to “assist in business development, healthcare partnerships, and identification of new technology ventures.”
“I am honored to take the helm of WishBone Medical and help make a meaningful impact through leadership and innovation—building upon my extensive network within the orthopedic community to produce novel solutions that promote OR efficiency and improve outcomes for our young patients,” Figgie said in a news release.
WishBone President Mary Wetzel is also stepping down and moving into a similar consulting role.
The company did not provide a dollar figure for its investment from LKCM Headwater. The firm is the private equity arm of Luther King Capital Management, an investment advisor that WishBone says has more than $22 billion in assets under management.
WishBone says the investment and changes in leadership will fuel commercialization of its existing medical device portfolio and support new product development.
“At a time of uncertainty in our capital markets, our team at LKCM Headwater and WishBone’s Board of Directors have worked diligently to secure the means necessary to support the company’s objectives and continue this rewarding mission,” Michael Bornitz, a partner with LKCM Headwater and WishBone board member, said.
WishBone manufactures a variety of products, including implants and instruments in single-use procedure kits for pediatric orthopedic surgical procedures.