RAD001 in Combination With PKC412 in Patients With Relapsed, Refractory or Poor Prognosis AML or MDS

Inclusion Criteria:

* Cytopathologically or histopathologically confirmed diagnosis of AML, MDS (RAEB-1, -2) or CMML, who are either relapsed or refractory to standard therapy, or are considered inappropriate candidates for standard therapy.
* Inappropriateness for standard therapy requires a) MDS patients: not be a candidate for immediate allogeneic stem cell transplantation, not have a -5q-cytogenetic abnormality (unless previously received lenalidomide), and not be an appropriate candidate for a DNA hypomethylating agent b) AML patients must be 60 years of age or greater and have one of more of the following documented poor risk factors: ECOG Performance Status = 2, 70 years of age or older, unfavorable cytogenetics.
* Life expectancy of at least 12 weeks
* Not likely to require cytoreductive therapy within one month (other than hydroxyurea)
* ECOG Performance Status of 2 or less
* Serum transaminase activity (AST/SGOT \& ALT/SGPT) \< 2.5 x ULN
* Serum total bilirubin \< 1.5 x ULN ( with the exception of individuals with Gilbert's disease)
* INR \< 1.3 (or \< 3 on anticoagulants)
* Fasting serum cholesterol 300mg/dl or 7.75 mmol/L or less AND fasting triglycerides 2.5 ULN or less

Exclusion Criteria:

* Prior allogeneic, syngeneic, or autologous bone marrow transplant or stem cell transplant less than 2 months previously
* Female patients who are pregnant or breast feeding or adults of child bearing not employing double barrier contraception
* Concurrent severe and/or uncontrolled medical or psychiatric condition which may interfere with the completion of the study
* Impairment of gastrointestinal function or GI disease that may significantly alter absorption of PKC412 or RAD001
* Uncontrolled active infection
* Any pulmonary infiltrate on teh baseline chest x-ray known to be new in the previous 4 weeks
* Patients with a Grade 2 or higher hypercholesterolemia or hypertriglyceridemia despite lipid-lowering therapy
* Patients with history of another malignancy within the past 5 years, with the exception of adequately treated basal or squamous cell skin carcinoma or cervical carcinoma in situ
* History of non-compliance to medical regimens and patients who are unwilling or unable to comply with this protocol
* Prior treatment with any investigational drug within preceding 4 weeks
* Chronic treatment with systemic steroids or another immunosuppressive agent
* Patients should not receive immunization with attenuated live vaccines within one week of study entry or during study period
* Any severe or uncontrolled medical conditions or other conditions that could affect their participation
* Known history of HIV seropositivity
* Known hypersensitivity to RAD001 or other rapamycins or to its excipients
* Known hypersensitivity to PKC412 or to its excipients
* Diagnosis of acute promyelocytic leukemia