The purposes of this study are to determine: * The effects of arzoxifene on bone mineral density (bone mass) at the spine and hip in postmenopausal women. * The effects of arzoxifene on the uterus (womb) in postmenopausal women. * The effects of arzoxifene on blood tests that measure changes in bone rebuilding in postmenopausal women with low bone density. * The effects of arzoxifene on blood lipids (fats) and other blood markers of heart disease risk. * The safety of arzoxifene and any side effects that might be associated with its use.
Inclusion Criteria: * Female * 45 to 60 years of age, inclusive * At least 2 years since last menstrual cycle * Intact uterus (womb). Exclusion Criteria: * Existing fracture of the spine. * Bone disorders, other than low bone mass * History of cancer in the last 5 years. Also, any history, at any time, of breast cancer or cancer of the lining of the uterus. * Abnormal or unexplained vaginal bleeding.