Cyclophosphamide, Bortezomib, and Dexamethasone in Treating Patients With Newly Diagnosed Multiple Myeloma

DISEASE CHARACTERISTICS: * Confirmed diagnosis of symptomatic multiple myeloma * Durie Salmon stage 2 or higher * Previously untreated multiple myeloma (including immunomodulatory drugs such as thalidomide) with the exception of bisphosphonates * Evaluable or measurable disease, as defined by at least one of the following: * Serum monoclonal protein ≥ 1 g/dL (measurable disease) * Urine monoclonal protein ≥ 200 mg/24 hours by protein electrophoresis (measurable disease) * Serum-free light chains (FLC) ≥ 10 mg/dL, kappa or lambda, accompanied by an abnormal kappa/lambda ratio Serum FLC's should only be used for patients without measurable serum or urine m-spike \- Monoclonal bone marrow plasmacytosis ≥ 30% (evaluable disease) \* Patients diagnosed with smoldering myeloma or monoclonal gammopathy of undetermined significance are not eligible PATIENT CHARACTERISTICS: Inclusion criteria: * Eastern Cooperative Oncology Group (ECOG) Performance Status (PS) of 0, 1, or 2 \- ECOG PS of 3 will be allowed if secondary to pain in the opinion of the Investigator * Total bilirubin normal OR direct bilirubin ≤ 2.0 mg/dL * Alkaline phosphatase ≤ 3 times upper limit of normal (ULN) * AST ≤ 3 times ULN * Creatinine ≤ 3.5 mg/dL * Absolute neutrophil count ≥ 1,000/mm³ without transfusion or growth factor * Platelet count ≥ 100,000/mm³ without transfusion or growth factor * Willingness and the physical and mental capability to provide written informed consent * Willingness to return to Mayo Clinic Arizona/Princess Margaret Hospital for follow-up * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception Exclusion criteria: * Peripheral sensory neuropathy ≥ grade 2 as defined by National Cancer Institute (NCI) Common Terminology for Common Adverse Events (CTCAE) version 3.0 * Known hypersensitivity to compounds containing boron or mannitol * Active uncontrolled infection * Severe cardiac comorbidity including but not limited to: * New York Heart Association class III or IV heart failure * History of myocardial infarction within the past 6 months * Uncontrolled angina or electrocardiographic (ECG) evidence of acute ischemia * Severe uncontrolled ventricular arrhythmias or ECG evidence of active conduction system abnormalities * Cardiac amyloidosis with hypotension (i.e., systolic blood pressure \< 100 mm Hg) * Any serious medical condition, laboratory abnormality, or psychiatric illness that would prevent study compliance or completion of study treatment PRIOR CONCURRENT THERAPY: * See Disease Characteristics * Prior high-dose corticosteroid therapy for 12 days or less is permitted for emergent complications from newly diagnosed multiple myeloma * More than 14 days since prior investigational agents * No concurrent steroids or any other anticancer agents or treatments \- Patients may receive the equivalent of up to 20 mg prednisone per day for concurrent illness or adrenal replacement therapy * Concurrent palliative radiotherapy for bony pain or fracture is allowed