Inclusion Criteria:

• 18 years of age or older
• Histologically documented prostate cancer
• Castration resistant prostate cancer defined as two rising PSAs on castration therapy
• Baseline PSA of 2ns/mL or greater
• Testosterone of 50ng/mL or less
• Patients on LHRH agonist/antagonist must continue therapy at the recommended dosing intervals
• Prior bicalutamide is allowed as long as treatment was for 6 months or longer
• Metastatic disease is not required
• Minimum of four weeks since any major surgery, completion of radiation, or completion of all prior systemic anticancer therapy
• ECOG Performance Status equal to or less than 2
• Adequate bone marrow and liver function as outlined by parameters in the protocol

Exclusion Criteria:

• Prior treatment with any investigational drug within the preceding 4 weeks
• Prior treatment with an mTOR inhibitor
• Fasting lipids over the parameters outlined in the protocol
• Chronic treatment with systemic steroids or another immunosuppressive agent
• Patients should not receive immunization with attenuated live vaccines during study period or within one week of study entry
• Uncontrolled brain or leptomeningeal metastases, including patients who continue to require glucocorticoids for brain or leptomeningeal metastases
• Other malignancies within the past 3 years except for adequately treated or basal squamous cell carcinomas of the skin
• Patients who have any severe and/or uncontrolled medical conditions or other conditions that could affect their participation in the study
• Known history of HIV seropositivity
• Impairment of gastrointestinal function or gastrointestinal disease that may significantly alter the absorption of RAD001
• Patients with an active, bleeding diathesis or on oral anti-vitamin K medication (except low dose coumarin)
• Men able to conceive and unwilling to practice an effective method of birth control
• Known hypersensitivity to RAD001 or other rapamycins or to its excipients
• History of noncompliance to medical regimens