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.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday