Millennium Pharmaceuticals ( MLNM) shot up in the premarket session after its treatment for the blood cancer multiple myeloma was cleared by the FDA. The shares were recently up $1.65, or 13%, to $14.14. Millennium's proteasome inhibitor, Velcade, was cleared for treatment of multiple myeloma patients who have received at least two prior therapies and demonstrated disease progression on the last therapy. The drug, which was approved based on response rates and not on specific data showing an improvement in survival risk, works by disrupting biologic pathways, including those related to the growth and survival of cancer cells. Celgene ( CELG), whose Revimid was recently fast-tracked by the FDA in multiple myeloma, was off about 8% on the Millennium news.