Dehaier Medical wins three-year supply contract, shares up

(Reuters) - China-based Dehaier Medical Systems Ltd said a medical equipment manufacturer in Ukraine signed a three-year contract to buy its air compressors and customized trolleys.

Dehaier shares nearly doubled in value to a four-month high of $2.99.

The products covered by the deal are used in intensive care units, emergency rooms, operation rooms, respiratory departments and anesthesiology departments. The purchaser plans to distribute Dehaier's products in other European markets too, the company said.

Dehaier, based in Beijing, develops and assembles its own branded medical devices and homecare medical products using third-party components.

The company's shares were up 83 percent at $2.85 by mid-morning on Friday on the Nasdaq, giving up some of its earlier gains.

(Reporting by Zeba Siddiqui in Bangalore; Editing by Sreejiraj Eluvangal)