Primary Inclusion Criteria:

• The patient is a healthy ambulatory postmenopausal woman from 55 to 85 years of age (inclusive) with osteoporosis. Postmenopausal women younger than 55 years of age with known osteoporosis who meet all other entry criteria also may be considered for enrollment.
• The patient has been postmenopausal for at least 5 years. Postmenopausal status will be established by a history of amenorrhea for at least 5 years and by an elevated serum follicle-stimulating hormone (FSH) value.
• The patient has a bone mineral density T-score ≤ -2.5 at the lumbar spine or hip (femoral neck) by dual energy x-ray absorptiometry (DXA). Women with a bone mineral density T-score of -2.0 or lower and a prior low-trauma forearm, humerus, vertebral, sacral, pelvic, hip, femoral, or tibial fracture within the past 5 years, or who have an additional risk factor such as age 65 or greater or a strong maternal history of osteoporosis defined as a fracture related to osteoporosis or osteoporosis itself as determined by BMD criteria, are also study candidates.
• The patient is in good general health as determined by medical history and physical examination (including vital signs), has a body mass index (BMI) of 18.5 to 33, inclusive, and is without evidence of clinically significant abnormality in the opinion of the Investigator.

Primary Exclusion Criteria:

• History of bone disorders (e.g., Paget's disease) other than postmenopausal osteoporosis.
• History of radiotherapy (radiation therapy).
• History of carcinoma, nephrolithiasis or urolithiasis within the past five years or osteosarcoma at any time.
• Vitamin D deficiency.
• Patients known to be Hepatitis B, Hepatitis C, HIV-1 or HIV-2 positive.
• Patients who have undergone bilateral hip replacement (unilateral hip replacement is acceptable).
• Known history of hypersensitivity to any of the test materials or related compounds.
• Prior treatment with bisphosphonates or strontium in the past five years, or prior treatment with parathyroid hormone or its analogs, with fluoride, or with gallium nitrate, or with as yet unapproved bone-acting investigational agents such as denosumab at any time.
• Prior treatment with calcitonin, estrogens, estrogen derivatives, SERMs (such as raloxifene or tamoxifen), tibolone, progestins or anabolic steroids in the past 6 months or current treatment with thiazide diuretics.
• Daily treatment with oral, intranasal or inhaled corticosteroids within the 6 months prior to the Screening Period.
• Exposure to general anesthesia within the 12 weeks prior to the Screening Period.
• Exposure to an investigational drug within the 12 months prior to the Screening Period.