Positive test results for Pharmion Corporation (NASDAQ: PHRM)'s drug Vidaza shot the global pharmaceutical firm's shares more than 50% higher in morning trading Thursday. Pharmion is currently the biggest percentage gainer on the NASDAQ.

Vidaza is said to significantly extend the life of patients with myelodysplastic syndrome. In a late-stage study, results showed that taking Vidaza extends the median survival of 15 months for those on conventional treatments to 24.4 months. Shortly before 1:30 p.m., Pharmion shares were trading at $37.60, up 52% from Wednesday's $24.64 close.