American actor Patrick Swayze, best known for his roles in the movies 'Dirty Dancing' and 'Ghost', has been diagnosed with pancreatic cancer, 'People' magazine reported Wednesday. Rumors were swirling last week on the Internet about the severity of his condition. Army Radio reported Thursday that Swayze was given five weeks to live and had already lost 10 kg. Swayze's doctor, George Fisher, contradicted such reports in a statement on Thursday. "Patrick has a very limited amount of disease and he appears to be responding well to treatment thus far. "All of the reports stating the time frame of his prognosis and his physical side effects are absolutely untrue. We are considerably more optimistic." The 55-year-old actor was voted Sexiest Man Alive by 'People' magazine in 1991, is reportedly continuing his normal schedule and working on upcoming projects. The US National Cancer Institute estimates there will be 37,680 new cases of pancreatic cancer in 2008 with 34,290 deaths in the US; only 5 percent of patients live more than five years after being diagnosed.