Inclusion Criteria:

1. Patients must have a history of symptomatic multiple myeloma according to the
International Myeloma Working Group criteria (IMWG, 2003), as defined as the
following three criteria:

1. Clonal plasma cells >10% on bone marrow biopsy

2. A monoclonal protein (paraprotein) in either serum or urine(except in cases of
non-secretory myeloma)

3. Evidence of end-organ damage felt related to the plasma cell disorder (related
organ or tissue impairment, ROTI, commonly referred to by the acronym "CRAB"):

- Hypercalcemia serum Ca ≥ 11.5 mg/dL or

- Renal insufficiency attributable to myeloma. Serum creatinine > 2mg/dL

- Anemia: Normochromic, normocytic with a hemoglobin value > 2g/dL below the
lower limit of normal or a hemoglobin <10 g/dL

- Bone lesions (lytic lesions, severe osteopenia or pathologic fractures

2. Patients must have received at least one prior line of therapy. For example; One
prior line of therapy may consist of all predetermined components of induction
followed by autologous stem cell transplantation and maintenance.

3. Patient has relapsed or relapsed/refractory MM.

1. Relapsed is defined as the development of disease progression following the
achievement of stable disease (SD) or better to the most recent anti-MM regimen.

2. Refractory is defined as experiencing less than a partial response (PR) to or
progressive disease (PD) within 6 months after completion of the most recent
anti-MM regimen.

4. Patients must currently have measureable disease, as defined as:

1. a. Serum M protein ≥ 1.0 g/dl (≥ 10 mg/l)

2. Urine M protein ≥ 200 mg/24h

3. Serum free light chain assay: involved FLC level ≥ 10mg/dl (≥ 100 mg/l) provided
serum FLC ratio is abnormal

4. If no monoclonal protein is detected (non-secretory disease), then > 30%
monoclonal bone marrow plasma cells.

5. Patients must be suitable (according to their local product information) for
treatment or re-treatment with lenalidomide & dexamethasone. Note: patients
previously treated with lenalidomide & dexamethasone are eligible to participate in
the trial.

6. Male or female adults ≥ 18 years old

7. ECOG Performance Status ≤ 2

8. Life expectancy > 12 weeks

9. Patients must have the following laboratory values:

1. ANC ≥ 1.5 x 109/L for patients in whom < 50% of bone marrow nucleated cells are
plasma cells; or an ANC > 1.0 x 109/Lfor patients in whom > 50% of bone marrow
nucleated cells are plasma cells.

2. Hemoglobin ≥ 9 g/dl

3. Platelets ≥ 75x 109/L for patients in whom < 50% of bone marrow nucleated cells
are plasma cells; or > 50 x 109/L for patients in whom > 50% of bone marrow
nucleated cells are plasma cells.

4. Calculated CrCl ≥ 50 mL/min (MDRD Formula)

5. Hepatic:

6. AST and ALT ≤ 2.5 x ULN,

7. Serum bilirubin ≤ 1.5 x ULN

8. Electrolytes:

9. Serum potassium ≥ LLN,

10. Total serum calcium [corrected for serum albumin] or ionized calcium ≥LLN

11. Serum magnesium ≥ LLN

12. Serum phosphorus ≥ LLN

13. Normal thyroid function (TSH and free T4) (Clinically euthyroid patients are
acceptable).

10. Baseline MUGA or ECHO must demonstrate LVEF ≥ the lower limit of the institutional
normal

11. Able to sign informed consent and to comply with the protocol

Exclusion criteria

1. Prior HDAC, DAC, HSP90 inhibitors or valproic acid for the treatment of cancer

2. Patients who will need valproic acid for any medical condition during the study or
within 5 days prior to first panobinostat treatment

3. Impaired cardiac function or clinically significant cardiac diseases, including any
one of the following:

4. History or presence of sustained ventricular tachyarrhythmia. (Patients with a
history of atrial arrhythmia are eligible but should be discussed with Novartis prior
to enrollment)

5. Any history of ventricular fibrillation or torsade de pointes

6. Bradycardia defined as HR< 50 bpm. Patients with pacemakers are eligible if resting
HR ≥ 50 bpm.

7. Screening ECG with a QTc > 450 msec

8. Right bundle branch block + left anterior hemiblock (bifascicular block)

9. Patients with myocardial infarction or unstable angina ≤ 6 months prior to starting
study drug

10. Other clinically significant heart disease (e.g., CHF NY Heart Association class III
or IV , uncontrolled hypertension, history of labile hypertension, or history of poor
compliance with an antihypertensive regimen)

11. Impairment of GI function or GI disease that may significantly alter the absorption
of panobinostat

12. Patients with diarrhea > CTCAE grade 2

13. Other concurrent severe and/or uncontrolled medical conditions (e.g., uncontrolled
diabetes or active or uncontrolled infection) including abnormal laboratory values,
that could cause unacceptable safety risks or compromise compliance with the protocol

14. Patients using medications that have a relative risk of prolonging the QT interval or
inducing torsade de pointes if treatment cannot be discontinued or switched to a
different medication prior to starting study drug

15. Patients who have received targeted agents within 2 weeks or within 5 half-lives of
the agent and active metabolites (whichever is longer) and who have not recovered
from side effects of those therapies.

16. Patients who have received either immunotherapy within < 8 weeks; chemotherapy within
< 4 weeks; or radiation therapy to > 30% of marrow-bearing bone within < 2 weeks
prior to starting study treatment; or who have not yet recovered from side effects of
such therapies.

17. Patients who have undergone major surgery ≤ 4 weeks prior to starting study drug or
who have not recovered from side effects of such therapy

18. Women who are pregnant or breast feeding or women of childbearing potential (WOCBP)
not using an effective method of birth control. WOCBP are defined as sexually mature
women who have not undergone a hysterectomy or who have not been naturally
postmenopausal for at least 12 consecutive months (i.e., who has had menses any time
in the preceding 12 consecutive months). Women of childbearing potential must have a
negative serum pregnancy test within 24hrs of receiving the first dose of study
medication.

19. Male patients whose sexual partners are WOCBP not using effective birth control

20. Patients with a prior malignancy with in the last 5 years (except for basal or
squamous cell carcinoma, or in situ cancer of the cervix)

21. Patients with known positivity for human immunodeficiency virus (HIV) ) or hepatitis
C; baseline testing for HIV and hepatitis C is not required

22. Patients with any significant history of non-compliance to medical regimens or
unwilling or unable to comply with the instructions given to him/her by the study
staff.

23. Patients with a history of Deep Vein Thrombosis or thromboembolism within < 6 months
prior to starting study treatment

24. Patients for whom prophylactic anticoagulation therapy (eg. 325mg aspirin PO daily or
warfarin (Coumadin®) 1-2 mg/day, or any other coumarin-derivative anticoagulants) is
not an option.

25. Patients who have received allogeneic stem cell transplantation < 12 months prior to
entering the study

26. Patients who have had prior allogeneic stem cell transplantation and show evidence of
active graft-versus-host disease that requires immunosuppressive therapy.

27. All patients must agree to follow the requirements for lenalidomide counseling,
pregnancy testing and birth control. For women of childbearing potential (WOCBP) this
includes pregnancy testing prior to prescribing lenalidomide and to either commit to
continued abstinence from heterosexual intercourse or begin acceptable methods of
birth control for 28 days prior to prescribing lenalidomide, during therapy and for
28 days after the last dose of lenalidomide. WOCBP must also agree to ongoing
pregnancy testing. Men must agree to use a latex condom during sexual contact with a
WOCBP even if they have had a successful vasectomy and must agree not to donate semen
during study drug therapy and for a period of time after therapy. All patients must
abstain from donating blood, agree not to share lenalidomide with others and be
counseled about the risks of lenalidomide. See Appendix 2 requirements including the
definition of WOCBP.