The purpose of this study is to determine whether Bazedoxifine/conjugated estrogens are effective in the treatment of vaginal atrophy.

Inclusion Criteria:

• Generally healthy, postmenopausal women, aged 40 to 65 years
• Intact uterus
• At least 1 moderate to severe vulvar/vaginal symptom that is most bothersome

Exclusion Criteria:

• Hypersensitivity to estrogens, endometrial hyperplasia, known or suspected estrogen-dependent neoplasia
• Thrombophlebitis, thrombosis or thromboembolic disorders
• Neuro-ocular disease