Inclusion Criteria

Inclusion criteria:

- Histologically or cytologically confirmed hepatocellular carcinoma

- At least one measurable site of disease according to RECIST criteria that has not
been irradiated.

- Child-Pugh classification A & B

- ECOG performance status of 0-1

- Life expectancy is more than 90 days

- Adequate organ function as defined by the following criteria, Hemoglobin ≥ 8.0 g/dL
WBC ≥ 3,000/mm^3 <12,000/mm^3 Absolute neutrophil count ≥ 1,500/mm^3 Platelet count ≥
50,000/mm^3 AST and ALT ≤ 5 times upper limit of normal (ULN) Albumin ≥ 2.8 g/dL
Bilirubin ≤ 2.0 mg/dL Creatinine ≤ 1.5 times ULN

- Must provide written informed consent prior to the implementation of any study
assessment or procedures

Exclusion criteria

- Patients received treatment with any of the following within the specified
timeframe;Any surgical procedure, radiofrequency ablation, intraarterial chemotherapy
within 30 days prior to signing the ICF, any treatment with transfusion, albumin
preparation, G-CSF within 15 days prior to signing the ICF

- CNS involvement must have completed appropriate treatment

- Prior deep vein thrombosis

- Has ascites, pleural effusions or pericardial fluid refractory

- Active clinically serious infection excluding chronic hepatitis

- Any history of deep vein thrombosis, pulmonary embolism, myocardial infraction,
cerebrovascular accident

- Allergy or hypersensitivity to Vitamin A

- Women who are pregnant or breast feeding