Study of Velcade® and Bone Formation in Patients With Relapsed/Refractory Multiple Myeloma

Inclusion Criteria: * History of histologically documented MM with relapsed or progressive disease after at least one line of prior therapy. * Patient has measurable disease in which to capture response, defined as one or more of the following: * Serum M-protein level \> 1.0 gm/dl (10.0 g/L) measured by serum protein electrophoresis or immunoglobulin electrophoresis; or * Urinary M-protein excretion \> 1000 mg/24 hours; or * Bone marrow plasmacytosis of \> 30% by bone marrow aspirate and/or biopsy; or * Serum free light chains (by the Freelite test) \> 2 X the upper limit of normal, in the absence of renal failure. * Evidence of active disease by radiographic techniques * Performance status (PS) of \<= 2 as per Southwest Oncology Group scale, unless PS of 3-4 based solely on bone pain. * Patients must have a platelet count \>= 50,000/mm3, and an absolute neutrophil count of at least 1,000/μl. * Patients must have adequate renal function defined as creatinine clearance \> 30ml/min. * Patients must have adequate hepatic function defined as serum transaminases and direct bilirubin \< 2 X the upper limit of normal. * Pregnant or nursing women may not participate. Women of childbearing potential must have a negative pregnancy test documented within one week of registration. Women of reproductive potential may not participate unless they have agreed to use an effective contraceptive method. * Male or female adults of at least 18 years of age. * Patients must have signed and Institutional Review Board approved written informed consent form and demonstrate willingness to meet follow-up schedule and study procedure obligations Exclusion Criteria: * Chemotherapy or radiotherapy received within the previous 4 weeks. * Has received previous bortezomib therapy * Significant neurotoxicity, defined as grade \> 2 neurotoxicity per National Cancer Institute Common Toxicity Criteria. * Platelet count \< 50,000/mm3, or ANC \< 1,000/μl * Polyneuropathy, organomegaly, endocrinopathy, monoclonal gammopathy, and skin changes syndrome. * Patient has hypersensitivity to bortezomib, boron, or mannitol * Clinically significant hepatic dysfunction as noted by bilirubin or AST \>3 times the upper normal limit or clinically significant concurrent hepatitis. * New York Hospital Association Class III or Class IV heart failure. * Myocardial infarction within the last 6 months. * Non-secretory multiple myeloma, unless the patient has measurable lesions on computed tomography, magnetic resonance imaging and/or positron emission tomography. * Uncontrolled, active infection. * Patients with a history of treatment for clinically significant ventricular cardiac arrhythmias. * Poorly controlled hypertension, diabetes mellitus, or other serious or psychiatric illness that could potentially interfere with the completion of treatment according to this protocol. * Pregnant or potential for pregnancy. Women of childbearing potential will have a pregnancy \[beta-HCG\] test at screening, and will be required to use a medically approved contraceptive method. Pregnancy testing will be performed prior to administration of each cycle of study drug. * Breast-feeding women may not participate.