This is a randomized, open label, multicenter, Phase 2 study comparing two dose schedules of Telintra in patients with Low or Intermediate-1 risk MDS. Patients at least 18 years of age presenting with histologically confirmed Low to Intermediate-1 risk MDS with documented significant cytopenia for at least two months by the IWG criteria are eligible.

Inclusion Criteria:

• Primary or de novo MDS
• Low or intermediate-1 MDS
• ECOG performance status 0 or 1
• Documented significant anemia with or without neutropenia and/or thrombocytopenia
• Adequate kidney and liver function
• Patients must have discontinued hematopoietic growth factors at least 3 weeks prior to study entry

Exclusion Criteria:

• Prior allogenic bone marrow transplant for MDS
• History of MDS IPSS score greater than 1.0
• Pregnant or lactating women
• Any severe concurrent disease, infection, or comorbidity that, in the judgement of the investigator, would make the patient inappropriate for study entry
• Oral steroids e.g. prednisone >10 mg per day
• History of active hepatitis B or C
• Known history of HIV