Vion Pharmaceuticals ( VION) shot up in heavy premarket trading Monday after the FDA granted fast-track status to its leukemia treatment candidate.

The company's Cloretazine, a drug for refractory acute myeloid leukemia, will be considered under the fast-track designation, which is designed to facilitate the development and expedite the review of new drugs that are intended to treat serious or life-threatening conditions.

The shares shot up 49 cents, or $13.6%, to $4.09 after the news was released. Vion was the most actively traded issue on the Instinet premarket session.