The invention relates to a method for treatment of chronic myelogenous leukemia (CML), Ph+ acute lymphoblastic leukemia (ALL), prostate cancer and .beta.-globin disorders such as sickle cell anemia and .beta.-thalassemia, comprising administration of a mycelium extract from at least one higher Basidiomycetes medicinal mushroom selected from the group consisting of Ganoderma adspersum, Hypsizygus ulmarium, Kuehneromyces mutabilis, Omphalotus olearius, Panus conchatus, Piptoporus betulinus, Pleurotus eryngii, and Trametes zonata.