The purpose of this randomized, double-blind, placebo-controlled study is to estimate the effect of oral ibandronate sodium (Boniva) taken once monthly versus placebo on bone quality and strength at the proximal femur at one year.

Inclusion criteria:

• Ambulatory, postmenopausal women between the age of 55 to 80 years diagnosed with osteoporosis
• BMD T-Score less than or equal to (<=) -2.0 at total spine or total femur or total neck, and BMD T-score greater than or equal to (>=) -5.0 at all 3 sites

Exclusion criteria:

• Have been treated with other bisphosphonates or using chronic steroids within the past 6 months
• Have a history of major upper gastrointestinal (GI) diseases or have severe kidney dysfunction
• Have a spine fracture (identified on X-ray)