Inclusion Criteria:

• Unresectable, multinodular asymptomatic tumor (no vascular invasion or extrahepatic spread)
• Confirmed Diagnosis of HCC
• Child Pugh class A
• ECOG Performance Status of 0
• At least one uni-dimensional lesion measurable according to the RECIST criteria by CT-scan or MRI
• Male or female subjects >/=18 years of age
• Ability to swallow oral medications
• Life expectancy of at least 12 weeks
• Women of childbearing potential must have a negative serum pregnancy test performed within 7 days prior to the start of treatment (assessed centrally)
• Both men and women enrolled in this trial must use adequate barrier birth control measures during the course of the trial and 4 weeks after the completion of trial
• Adequate bone marrow, liver and renal function as assessed by central lab

Exclusion Criteria:

• Diffuse HCC or presence of vascular invasion (including segmental portal obstruction), extrahepatic spread
• Advanced liver disease: Child Pugh B and C, Active gastrointestinal bleeding, Encephalopathy or clinically relevant ascites
• Any contraindications for hepatic embolization procedures
• Target lesion having previously been treated with local therapy
• Local therapies ongoing or completed < 4 weeks prior to the baseline scan
• Any >/= CTC AE grade 2 acute toxic effects of any prior local treatment
• History of cardiac disease
• Known history of HIV infection
• Active clinically serious infections (> grade 2 NCI-CTCAE Version 3.0), except for HBV and HCV infection
• Clinically significant gastrointestinal bleeding within 4 weeks prior to start of study drug
• Thrombotic or embolic events within the 6 months prior to the first dose of study drug
• Previous or concurrent cancer that is distinct in primary site or histology from HCC,
• Pregnant or breast-feeding subjects
• Investigational drug or device therapy outside of this trial during or within 4 weeks of study entry (signing informed consent)
• Prior transarterial embolization (with or without chemotherapy)
• Prior use of Raf-kinase inhibitors (RKI), VEGF inhibitors, MEK inhibitors or farnesyl transferase inhibitors
• Prior use of anthracyclines (e.g. doxorubicin)
• Major surgery within 4 weeks prior to start of study drug
• Radiotherapy for HCC during study or before start of study drug
• Use of biologic response modifiers, such as G-CSF, within 3 weeks prior to start of study drug.
• Autologous bone marrow transplant or stem cell rescue within 1 year prior to start of study drug
• History of organ allograft