BERKELEY HEIGHTS, N.J. ( TheStreet) --Here we go again… Cyclacel Pharmaceuticals ( CYCC - Get Report) is moving higher Tuesday on a rumor that an article about its experimental lung cancer drug seliciclib will be appearing in this week's edition of the New England Journal of Medicine (NEJM). False. Not happening. Sorry, try again next time. Just like I did last week, I scanned my preview copy of the NEJM and found nothing on seliciclib. A word of advice for the dingbat who keeps spreading this stupid rumor: The NEJM is the most prestigious medical journal in the country. As such, it rarely, if ever, finds it worthy to publish articles about experimental drugs that haven't even completed phase II studies yet. If you want to start a rumor about seliciclib in order to day trade your way to some measly profits at the expense of everyone else, try floating the name of a more pedestrian cancer journal. You might have better luck. A phase IIb study of seliciclib in patients with highly advanced non-small cell lung cancer is underway, with results expected in the first half of the year. Cyclacel announced lackluster interim results from this study in August 2008. When I spoke with Cyclacel CEO Spiros Rombotis a few weeks ago, he was hopeful that a full analysis will yield more promising results for seliciclib. Cyclacel shares spiked 12% earlier in the day but the stock has since retrenched and is now up just 4 cents to $2.26.
-- Reported by Adam Feuerstein in Boston. Follow Adam Feuerstein on Twitter.