Hydrix Limited (ASX:HYD), a company with an $8 million market cap describing itself as “a specialist product design, engineering, and medical device distribution company” has rocketed 200% on Thursday.

Hitting 3cps, the nanocap’s catalyst for upside is its execution of a contract extension with Paul Hartmann (PH), a German-headquartered European health company offering products for both hospitals and patients.

Hydrix designs a device called ‘The Guardian’ which is implantable and is basically an add-on to a pacemaker; patients are alerted by biometric signals that a heart attack or similar event may be approaching.

Hydrix, meanwhile, inked a deal with PH to provide “product development services.”

Today’s extension with PH, meanwhile, is worth $2.8M, with all that revenue to be realised by “the end of September” this year. This adds to a “cumulative revenue from previous contract stages” worth $3.7M. Revenue, not profits.

The total contract value is $6.5M, and that’s not necessarily all going into Hydrix’s pockets.

Perhaps it’s strange, then, to observe the liquidity of turnover in Hydrix shares on Thursday. In the last four weeks, the average Hydrix shares traded per day reflects 89,400.

On Thursday at lunchtime, no less than 41.1M shares had traded hands (representing just over $1M in cash trading hands).

But with illiquidity clearly baked into this stock – just take a look at its price chart – it’s easy to ask what buyers are expecting. Or if somebody knows something good.

HYD last traded at 3cps.

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