Inclusion Criteria:

1. Histologically confirmed HCC (or fulfilling AASLD criteria for HCC diagnosis in HBsAg
positive subjects with cirrhosis in case biopsy is not feasible)

2. Disease must not be amenable to potentially curative surgery

3. Without prior systemic nor transarterial treatment

4. Prior surgery or local therapy is allowed but the target lesion must have not been
previously treated

5. Child-Pugh stage A liver function

6. ECOG performance 0-2

7. Life expectancy longer than 12 weeks

8. At least one measurable treatment lesion according to modified RECIST criteria

9. Adequate haematological, hepatic and renal function

Exclusion Criteria:

1. Contra-indications to TACE treatment:

- Main portal vein thrombosis or occlusion

- Evidence of biliary obstruction

- Presence of extra-hepatic disease

2. Diffuse-type HCC

3. Major surgery <4 weeks or radiation therapy <2 weeks of starting the study treatment.

4. Any form of prior transarterial therapy or systemic therapy for HCC.

5. Current use or anticipated need for treatment with drugs that are known potent CYP3A4
inhibitors or CYP3A4 or CYP1A2 inducers.

6. Requirement of anticoagulant therapy with oral vitamin K antagonists. Low dose
anticoagulants for maintenance of patency of central venous access devise or
prevention of deep venous thrombosis is allowed. Therapeutic use of low molecular
weight heparin is allowed.

7. Any haemorrhage or bleeding event of CTCAE Grade 3 or more within 4 week