Inclusion Criteria:

1. Newly diagnosed MM

2. Aged between 18 and 65 years old

3. With following measurable lesions (serum M-protein ≥ 1 g/dL or urine M-protein ≥ 400
mg/day, or free light chain ≥ 100 mg/L)

Exclusion Criteria:

1. Smoldering or indolent myeloma

2. ECOG performance status > 3 point

3. Known hypersensitivity to cyclophosphamide, thalidomide or dexamethasone

4. Peripheral neuropathy or neuropathic pain Grade 2 or higher as defined by NCI CTCAE
version 3

5. Uncontrolled or severe cardiovascular disease, including MI within 6 months of
enrolment, NYHA Class III or IV heart failure, uncontrolled angina, clinically
significant pericardial disease, or cardiac amyloidosis, cardiac ejection fraction
<0.5 : Severe conduction disorder : Hypotension (sitting systolic BP ≤ 100 mmHg
and/or sitting diastolic BP ≤ 60 mmHg

6. Impaired hepatic function (AST or ALT ≥ x 3 upper normal, T-bilirubin ≥ x 2 upper
normal)

7. Creatinine clearance < 20 ml/min

8. Corrected serum calcium ≥ 14 mg/dL

9. Sepsis or current active infection

10. Pregnancy or breast feeding

11. Uncontrolled Diabetes Mellitus

12. Previous history of Recurrent DVT or pulmonary embolism

13. Active ulcers detected by gastroscopy

14. Serious medical or psychiatric illness likely to interfere with participation in this
clinical study.

15. Receipt of extensive radiation therapy within 4 weeks