Shares of Biomira Inc. surged Wednesday after the Canadian biotech drugmaker said it is entitled to an undisclosed milestone payment from its partner, the German drug maker Merck KGaA, for beginning a late stage clinical trial for Stimuvax.

Biomira shares rose 13 cents, or 11.4 percent, to $1.27 in morning trading on the Nasdaq. The stock has traded between 85 cents and $2 over the past 52 weeks.

The Phase III clinical trial will study the cancer vaccine Stimuvax as a treatment in patients with advanced non-small cell lung cancer that cannot be removed through surgery. The trial will be run by Merck and its U.S. affiliate EMD Pharmaceuticals. Biomira expects the milestone payment sometime in January.

Biomira anticipates the clinical trial will enroll more than 1,300 patients in about 30 countries.

Separately, Biomira said it is enrolling patients in a mid-stage clinical trial for its PX-12 cancer drug for advanced pancreatic cancer. The company expects to enroll the trial's first patient this month. PX-12 is a small molecule intended to inhibit a protein that regulates the activity of cancer cells.