Dose Ranging Study - Macroflux Parathyroid Hormone (PTH) in Postmenopausal Women With Osteoporosis

Inclusion Criteria: * Healthy postmenopausal women age 50 years or older * At least three lumbar vertebrae (L1-L4) must be evaluable by dual energy x-ray absorptiometry (DXA) for bone mineral densitometry that is, without fracture or significant degenerative disease, as determined by the central imaging facility * Have osteoporosis defined as: Either a T-score of ≤ -2.5 at the lumbar spine, femoral neck, or total hip, AND a T-score of at least \< -1.0 at the lumbar spine; or A T-score of ≤ -2.0 at the lumbar spine, femoral neck, or total hip, AND at least one vertebral fracture; Exclusion Criteria: * Active hepatitis; * Active pancreatitis; * Unstable cardiac disease; * Unstable pulmonary disease; * Celiac disease; * Hyper- or hypo-parathyroidism; * Hyperthyroidism; * Cushing's disease; * Osteomalacia; * Paget's disease; * Osteogenesis imperfecta; * Known blood disorders; * History of kidney stones; * Impaired renal function; * Autoimmune diseases; * Bone metastases or a history of skeletal malignancies; * Cancer history that includes any cancer within the previous 5 years, with the exception of squamous or basal cell carcinoma of the skin in which the lesions were fully resected with clear margins described in a written report by a pathologist, and the patient has had no recurrence of lesions for at least 1 year from the time of original resection; * Any condition or disease that may interfere with the ability to have or the evaluation of a DXA scan, for example, severe osteoarthritis of the spine, spinal fusion, pedicle screws, history of vertebroplasty, or degenerative disease that results in insufficient number of evaluable lumbar vertebrae, or \>1 lumbar vertebral fracture in L1-L4; * More than 4 vertebral fractures in T4-L4; * Bilateral hip replacements; * Use of fluoride (e.g. fluoride therapy for osteoporosis) or strontium at any time; * Have received methotrexate or immunomodulatory agents with antiproliferative activity; * With known dermatological disorders that would interfere with the study procedures or assessments, or with a history of contact dermatitis; * With known allergy or sensitivity to tapes, adhesives, PTH, teriparatide or its analogs, or components of the Macroflux® systems; * Who, in the opinion of the investigator, should not participate in the study, or may not be capable of following the study schedule for any reason; and * Unwillingness or inability to abide by the requirements of the study. * Have received any intravenous (IV) administered bisphosphonates in the past 24 months, or \>2 doses of IV administered bisphosphonates total; * Use of oral bisphosphonates before randomization, including investigational bisphosphonates, unless: \<6 months of treatment and off for 6 months, or 6-12 months of treatment and off for 2 years, or \>12 months of treatment and off for 5 years;