A Study in Men With Benign Prostatic Hyperplasia

Inclusion Criteria: * Present at screening with a history of benign prostatic hyperplasia (BPH) for \>6 months. * Have an International Prostate Symptom Score (IPSS) greater than or equal to 13 at screening. * Have a total prostate volume by transrectal ultrasound greater than or equal to 30 milliliter (mL) at screening. * Show signs of bladder outlet obstruction as defined by a peak urinary flow rate (Qmax) greater than or equal to 4 and less than or equal to 15 milliliter/second (mL/sec) (from a prevoid total bladder volume \[assessed by ultrasound\] of greater than or equal to 150 to less than or equal to 550 ml and a minimum voided volume of 125 ml) at screening. * Have a prostate-specific antigen (PSA) greater than or equal to 1.4 and less than or equal to 10 nanogram/milliliter (ng/mL) at screening. * Demonstrate a Post Void Residual less than or equal to 300 mL by ultrasound at screening. * Have not received the following treatments within the specified time period: 1. Finasteride or dutasteride for at least 6 months prior to screening. 2. Any alpha-adrenergic antagonists for at least 4 weeks prior to screening. 3. Any other non-experimental BPH therapy (including an herbal preparation) for at least 4 weeks prior to screening. 4. Any other experimental or off-label BPH therapy such as injectable therapies with a protracted effect for at least 6 months prior to screening. 5. Any overactive bladder treatment for at least 4 weeks prior to screening. 6. Any Erectile Dysfunction treatment which may include oral phosphodiesterase type 5 inhibitors or devices for at least 4 weeks prior to screening. * Have a morning fasting Total Testosterone concentration greater than or equal to 300 nanogram/deciliter (ng/dL) at screening. * If hyperlipidemic, based on history, be stable on statin treatment as determined by the investigator for at least 2 months prior to screening. Exclusion Criteria: * Have completed or withdrawn from this study or have completed or withdrawn from any other study investigating LY500307. * Have any history of BPH-related invasive procedures (for example, Transurethral Resection of the Prostate, open prostatectomy, and minimally invasive procedures that include thermal-based therapies, transurethral microwave treatment, transurethral needle ablation, and stents). * Have active cardiovascular disease as evidenced by the following: 1. Recent Myocardial infarction, unstable angina, stroke or Transient ischemic attack within 6 months of screening. 2. Recent coronary intervention that includes coronary artery bypass surgery, percutaneous coronary artery intervention, or stent placement within 6 months of screening. 3. Recent history of positive stress tests without any written documentation of effective intervention within 6 months of screening. 4. Evidence of heart disease categorized as greater than or equal to Class III functional classification of New York Heart Association (NYHA) within 6 months of screening. * Have known or suspected history of prostate cancer, breast cancer, or other clinically significant neoplastic disease (other than squamous cell or basal cell carcinoma of skin). * Have a history of deep venous thrombosis or pulmonary embolism disease. * Have moderate to severe renal insufficiency. * Have a hemoglobin A1c (HbA1c) greater than 9.0%. * Are on testosterone replacement therapy, or drugs that influence the hypothalamus-pituitary-gonadal axis. * Are on pharmacological treatment other than statins for hyperlipidemia.