Inclusion Criteria:

- Age > 65 year old and not a candidate for stem cell transplant, or younger who
refuses or is not eligible for high-dose therapy

- Symptomatic multiple myeloma or asymptomatic multiple myeloma with related organ or
tissue damage

- Presence of measurable disease

- Karnofsky performance status (PS) > 60%

- Able to read and complete the HRQOL instruments

- Agrees to use an acceptable barrier method for contraception for the duration of the
study

- Pretreatment clinical laboratory values within 14 days of randomization:

platelet count ≥ 100x109/L

- hemoglobin ≥ 8 g/dL

- absolute neutrophil count (ANC) ≥ 1.0x109/L

- AST ≤ 2.5 times the upper limit of normal

- ALT ≤ 2.5 times the upper limit of normal

- total bilirubin ≤ 1.5 times the upper limit of normal

- serum creatinine ≤ 2.5mg/dL

- corrected serum calcium <14 mg/dL (<3.5 mmol/L)

- Subjects (or their legally acceptable representatives) must have signed an informed
consent document indicating that they understand the purpose of and procedures
required for the study and are willing to participate in the study.

- Women of child-bearing potential must agree to use 2 methods of contraception: 1
effective (for example hormonal or tubal ligation) and 1 barrier (for example latex
condom, diaphragm) for at least 4 weeks before starting the therapy, during the
Treatment Period, and for 4 weeks after the last dose;

- Males must agree to use barrier contraception (latex condoms) when engaging in
reproductive activity during the Treatment Period and for 4 weeks after the last
dose.

Exclusion Criteria:

- Diagnosis of smoldering multiple myeloma or MGUS.

- Diagnosis of Waldenstrom's disease

- Prior or current systemic therapy for multiple myeloma including steroids (with
exception of emergency use of a short course [maximum 4 days] of steroids before
randomization or prior or current use of biphosphonates)

- Radiation therapy within 30 days before randomization

- Plasmapheresis within 30 days before randomization

- Major surgery within 30 days before randomization (Kyphoplasty is not considered
major surgery)

- History of allergic reaction attributable to compounds containing boron or mannitol,
or to Thalidomide

- Peripheral neuropathy Grade 2 or higher, as defined by National Cancer Institute
Common Toxicity Criteria (NCI CTC) 3.0

- Uncontrolled or severe cardiovascular disease including myocardial infarction within
6 months of enrollment, New York Heart Association (NYHA) Class III or IV heart
failure, uncontrolled angina, clinically significant pericardial disease, or cardiac
amyloidosis

- Other malignancy within the past 5 years. Exceptions: basal cell or non metastatic
squamous cell carcinoma of the skin, cervical carcinoma in situ or FIGO Stage 1
carcinoma of the cervix

- Concurrent medical condition or disease (e.g., active systemic infection,
uncontrolled diabetes, pulmonary disease) that is likely to interfere with study
procedures or results, or that in the opinion of the investigator would constitute a
hazard for participating in this study

- Use of any investigational drugs within 30 days before randomization.

- Pregnant or lactating women. A serum β-hCG pregnancy test must be performed at the
Screening visit, for female patients of child-bearing potential. If the test is
positive, the patient must be excluded from the study. Confirmation that the patient
is not pregnant must be established by a negative serum or urinary pregnancy test
with the result obtained 1 day prior to the Baseline visit (or the day of the visit
if results are available before drug delivery).