Dehaier Medical Files For IPO Of Up To $12M

NEW YORK (AP) — Dehaier Medical Systems filed for an initial public offering Thursday. The medical device company wants to sell 1.25 million to 1.5 million shares at $7 to $9 each.

The company could raise $10 million to $12 million from its IPO before deducting expenses.

Dehaier develops, makes and sells home respiratory and oxygen products and other medical devices in China. The company is based in the British Virgin Islands, and has a subsidiary in Hong Kong, and owns a majority stake in a company based in China.

Shares will trade under the symbol "DHRM."

Dehaier reported a profit of $2.1 million in the first nine months of 2009, up from $980,000 in all of 2008. For the first nine months of 2009, revenue totaled $9.4 million. That was about the same as its full-year 2008 total.

The company said China is the third largest medical device market in the world, behind the U.S. and Japan, and the market for medical technology is expected to grow rapidly.