Cygnus X-1 is the archetypal black hole (BH) binary system in our Galaxy. We report the main results of an extensive search for transient gamma-ray emission from Cygnus X-1 carried out in the energy range 100 MeV - 3 GeV by the AGILE satellite, during the period 2007 July - 2009 October. The total exposure time is about 300 days, during which the source was in the hard X-ray spectral state. We divided the observing intervals in 2 or 4 week periods, and searched for transient and persistent emission. We report an episode of significant transient gamma-ray emission detected on 2009, October 16 in a position compatible with Cygnus X-1 optical position. This episode, occurred during a hard spectral state of Cygnus X-1, shows that a 1-2 day time variable emission above 100 MeV can be produced during hard spectral states, having important theoretical implications for current Comptonization models for Cygnus X-1 and other microquasars. Except for this one short timescale episode, no significant gamma-ray emission was detected by AGILE. By integrating all available data we obtain a 2$sigma$ upper limit for the total integrated flux of $F_{gamma,U.L.} = 3 times 10^{-8} rm ph cm^{-2} s^{-1}$ in the energy range 100 MeV - 3 GeV. We then clearly establish the existence of a spectral cutoff in the energy range 1-100 MeV that applies to the typical hard state outside the flaring period and that confirms the historically known spectral cutoff above 1 MeV.