Inclusion Criteria:

- Understand and voluntarily sign informed consent form; equal to or greater than 18
years of age at time of consent

- Able to adhere to the study visit schedule and other protocol requirements

- Diagnosed active multiple myeloma

- Measurable myeloma paraprotein levels in serum (≥ 0.5 g/dL) or urine (≥ 0.2 g
excreted in a 24-hour urine collection sample), or serum involved free light chains (
>10mg/dl) provided that the k/l ratio is abnormal

- Eastern Cooperative Oncology Group (ECOG) Performance Status of 0-2

- Performance status of 3 allowed if related to bony disease.

- Bilirubin ≤ 1.5x upper limits of normal (ULN)

- Liver enzymes: alanine transaminase (ALT)or aspartic transaminase (AST) ≤ 2.5 x ULN.
In the presence of liver metastases, AST / ALT, alkaline phosphatase and total
bilirubin must not exceed 3x upper limit of normal (i.e.: must be ≤ 3x ULN).

- Adequate bone marrow function:

- Absolute neutrophil count (ANC) ≥ 1,000 cells/mm³ (1.0 x 10^9/L). Patients with bone
marrow >50% plasma cells are permitted to have a neutrophil count of < 1,000
cells/mm³.

- Platelets ≥ 100,000 cells/mm³. Patients with bone marrow >50% plasma cells are
permitted to have a Platelet count ≤ 100, 000 cells/mm³

- Hemoglobin > 8 g/dL (transfusion allowed to increase the Hgb)

- Adequate renal function: Creatinine ≤ 2.5 mg/dL

- Must have 2-d echocardiogram or multigated acquisition (MUGA) scan indicating left
ventricular ejection fraction (LVEF) ≥ 50% within 42 days prior to first dose of
study drug. A MUGA scan or 2- d Echocardiogram may be used, but the same test must be
used throughout study) to evaluate LVEF.

- Women of childbearing potential(WCBP)† must have negative serum or urine pregnancy
test 10 to 14 days prior to starting therapy. Patients with reproductive potential
must use an adequate contraceptive method during treatment and for 3 months after
completing treatment. In addition, sexually active WCBP must agree to use adequate
contraceptive methods per the requirements outlined in protocol document.

- Patients treated with local radiotherapy with or without concomitant exposure to
steroids, for pain control or management of cord/nerve root compression, are
eligible. 4 weeks must have lapsed since last date of radiotherapy. Patients who
require concurrent radiotherapy should have entry to the protocol deferred until
radiotherapy is completed and 4 weeks have passed since last date of therapy.

Exclusion Criteria:

- Ongoing severe infection requiring intravenous antibiotic treatment

- Life expectancy < 3 months

- Prior malignancy, except; adequately treated basal cell or squamous cell skin cancer,
in-situ cervical cancer, or other cancer from which the participant has been
disease-free for at least 5 years. Concurrent prostate cancer for which patient is
receiving therapy will not be considered an exclusion if prostatic specific antigen
(PSA) has been stable for 3 years.

- Solitary bone or solitary extramedullary plasmacytoma as the only evidence of plasma
cell dyscrasia

- Patients receiving therapeutic dosages of steroids for multiple myeloma

- Myocardial infarct within 6 months before enrollment, New York Heart Association
(NYHA) Class II or greater heart failure, uncontrolled angina, severe uncontrolled
ventricular arrhythmias, clinically significant pericardial disease, or
electrocardiographic evidence of acute ischemic or active conduction system
abnormalities

- Uncontrolled medical problems such as diabetes mellitus, coronary artery disease,
hypertension, unstable angina, arrhythmias, pulmonary, hepatic and renal diseases
unless renal insufficiency is felt to be secondary to multiple myeloma

- Any serious medical condition, laboratory abnormality, or psychiatric illness that
would prevent the patient from signing the informed consent form

- Pregnant or breast-feeding females. Lactating females must agree not to breast-feed.

- Any condition, including the presence of laboratory abnormalities, which places the
participant at unacceptable risk if he/she were to participate in the study or
confounds the ability to interpret data from the study.

- Prior chemotherapy for multiple myeloma, except for radiation to symptomatic bony
disease, plasmapheresis for hyperviscosity, kyphoplasty and/or vertebroplasty

- History of hypersensitivity reactions attributed to a conventional formulation of
doxorubicin hydrochloride (HC1) or the components of DOXIL®

- Prior anthracycline dose exceeding 360 mg/m² for doxorubicin (including DOXIL) or 720
mg/m² for epirubicin

- Grade 2 or higher peripheral neuropathy on clinical examination within 14 days before
enrollment

- Polyneuropathy, organomegaly, endocrinopathy, monoclonal gammopathy, and skin changes
(POEMS) syndrome or plasma cell leukemia

- Hypersensitivity to bortezomib, boron or mannitol

- Has received other investigational drugs within 14 days before enrollment