Ixabepilone Compared With Mitoxantrone and Prednisone in Treating Patients With Refractory Metastatic Prostate Cancer

Inclusion Criteria: * Histologically confirmed adenocarcinoma of the prostate * Metastatic disease (positive bone scan or measurable disease) * Progressive hormone-refractory disease * Based on 1 of the following: * Transaxial imaging * Rise in prostate-specific antigen (PSA) * Radionuclide bone scan * Must have undergone primary hormonal treatment (e.g., orchiectomy or gonadotropin-releasing hormone analog with or without an antiandrogen) and demonstrated disease progression after antiandrogen discontinuation as defined below: * Two consecutive rising PSA values, obtained at least 2 weeks apart, or documented osseous or soft tissue progression * For patients receiving flutamide, at least 1 PSA value must be obtained at least 4 weeks after flutamide discontinuation * For patients receiving bicalutamide or nilutamide, at least 1 PSA value must be obtained at least 6 weeks after antiandrogen discontinuation * Ineligible if sole manifestation of progression is an increase in disease-related symptoms * Meets 1 of the following criteria: * Measurable disease and an elevated PSA * Nonmeasurable disease and an elevated PSA, as follows: * Positive bone scan * PSA level at least 5 ng/mL, with increases on at least 2 successive occasions at least 2 weeks apart * New metastatic lesions by radionuclide bone scan * Must have received at least 2 courses of paclitaxel- or docetaxel-based therapy, with disease progression documented during therapy or no more than 60 days after cessation of therapy\* * Testosterone \< 50 ng/dL * No known active brain metastases * Performance status - ECOG 0-2 * At least 12 weeks * Granulocyte count ≥ 1,500/mm\^3 * Platelet count ≥ 100,000/mm\^3 * Bilirubin \< 1.5 times upper limit of normal (ULN) * AST and ALT \< 3 times ULN * Creatinine ≤ 1.5 times ULN * Creatinine clearance \> 40 mL/min * Ejection fraction ≥ lower limit of normal by MUGA or echocardiogram * No myocardial infarction within the past 6 months * No significant cardiovascular disease * No New York Heart Association class III or IV congestive heart failure * No active angina pectoris * Fertile patients must use effective contraception before, during, and for 3 months after study therapy * No prior hypersensitivity reaction to agents containing Cremophor®EL * No serious infection * No nonmalignant medical illnesses that are uncontrolled or whose control would be jeopardized by complications of study therapy * No psychiatric illness or social situation that would preclude study compliance * No motor or sensory neuropathy grade 2 or greater * No "currently active" second malignancy except nonmelanoma skin cancer * Patients are not considered to have a "currently active" malignancy provided they have completed therapy and are considered to have less than a 30% risk of relapse * No concurrent prophylactic colony-stimulating factors for myelosuppression * See Disease Characteristics * No more than 1 prior chemotherapy regimen * No prior mitoxantrone or epothilone * No other concurrent chemotherapy * See Disease Characteristics * At least 4 weeks since prior antiandrogens (e.g., flutamide) (6 weeks for bicalutamide or nilutamide) * Patients must continue primary androgen deprivation therapy with luteinizing hormone-releasing hormone agonist during study if prior orchiectomy was not performed * At least 4 weeks since prior systemic (including oral) corticosteroids except corticosteroids as part of first-line chemotherapy tapered off over 10-14 days prior to study entry * At least 4 weeks since any prior hormonal therapy, including megestrol or finasteride * No other concurrent systemic steroids * At least 4 weeks since prior radiotherapy * More than 8 weeks since prior radiopharmaceuticals (e.g., strontium chloride Sr 89 or samarium Sm 153 lexidronam pentasodium) * No concurrent radiotherapy * See Disease Characteristics * At least 4 weeks since prior herbal products known to decrease PSA levels (e.g., Saw Palmetto or PC-SPES) * More than 4 weeks since other prior antiprostate cancer therapy * More than 4 weeks since prior systemic therapies for prostate cancer * No other concurrent investigational agents