Inclusion Criteria:

• Untreated multiple myeloma requiring treatment
• Total cumulative dose of prior doxorubicin can not exceed 240 mg/m2
• Must have measurable disease
• Left Ventricular Ejection Fraction (LVEF) >= 50 % determined by Multiple Gated Acquisition Scan (MUGA)
• Karnofsky performance status of >= 60%
• Adequate bone marrow, liver and renal function
• Disease-free from prior malignancies >= 5 years with the exception of basal cell or squamous cell carcinoma of the skin or carcinoma in situ of the cervix
• Female participants (if of child bearing potential and sexually active) and male participants (if sexually active with a partner of child-bearing potential) must use medically acceptable methods of birth control

Exclusion Criteria:

• Life expectancy of >= 3 months
• Pregnant or breast feeding
• History of cardiac disease, with New York Heart Association Class II or greater, with congestive heart failure
• Or unstable angina, uncontrolled hypertension or cardiac arrythmias or myocardial infarction within the last 6 months
• Uncontrolled diabetes mellitus or systemic infection
• Nonsecretory myeloma, Monoclonal Gammopathy of Unknown Significance (MGUS) or smoldering myeloma
• Confusion, disorientation, or history of psychiatric illness which may impair patient's ability to give informed consent
• Prior chemotherapy to treat Multiple Myeloma
• Prior radiotherapy to an area greater than 1/3 of the skeleton
• Prior local radiotherapy within 1 week of treatment
• Any investigational agent within 30 days of the first dose of treatment
• Prior single agent dexamethasone (or another corticosteroid) to treat Multiple Myeloma