Comparison of Tibolone and Raloxifene on Bone Mineral Density in Osteopenic Postmenopausal Women (P06090)

Inclusion Criteria: * Only subjects who give voluntary written informed consent, and who are willing and able to make reasonable efforts to observe all clinical trial requirements are to be enrolled. * Subjects will be osteopenic but otherwise healthy postmenopausal women, from 60 to 79 years of age (inclusive) at entry. * Screening BMD of the lumbar vertebrae (L1-L4) must be between -2.5 SD and * 1.0 SD of the T-score. * Subjects should have a Body Mass Index (BMI) \>19 and \< 30 kg/m2. Exclusion Criteria: * Spinal X -ray with symptomatic vertebral fracture (more than 20% reduction in expected vertebral height). * History of bilateral hip replacements. * Subjects who are not ambulatory. * History or presence of any malignancy, except non-melanoma skin cancers. * TVUS double wall thickness \> 4 mm, or any other undiagnosed abnormalities visualized by TVUS. * Abnormal cervical Pap smear result * Undiagnosed abnormal (in the investigator's opinion) vaginal bleeding in the past year prior to screening. * Mammography or physical examination finding that is suspicious of malignancy. * Uncontrolled hypertension * Bone disease other than osteoporosis such as Paget's disease, osteomalacia or bone metastases. * Drinking more than 4 glasses of alcohol containing drinks per day. * Smoking more than 20 cigarettes a day. * Current or recent prolonged use of hepatic microsomal enzyme-inducing anticonvulsant medication or other drugs known to interfere with or otherwise alter the phar…