Comparative Safety and Efficacy of Two Treatments in the Treatment of Vulvar and Vaginal Atrophy

Inclusion Criteria: * postmenopausal female and otherwise healthy, 30 - 75 years of age. * ≤ 5% superficial cells on vaginal smear cytology at Visit 1/Screening. * vaginal pH \> 5.0 at Visit 1/Screening * Have at least one self-assessed moderate to severe symptom of Vulvar and Vaginal Atrophy identified by the subject as being the most bothersome * For women with an intact uterus, vaginal ultrasonography confirmation at Visit 1/Screening of an inactive endometrial lining with an endometrial thickness less than 4 mm. * Systolic blood pressure no greater than 150 mm Hg and diastolic blood pressure no greater than 90 mm Hg at Visit 1/Screening and at Visit 2/Randomization Exclusion Criteria: * Undiagnosed vaginal bleeding or a history of significant risk factors for endometrial cancer. * Known, suspected, or history of cancer of the breast or mammogram indicating any abnormalities or subject has a history of cervical cancer. * Vaginal ultrasonography for all women with an intact uterus confirming endometrial thickness of 4mm or more * History of hypersensitivity or allergy to estradiol or any of the other study medication ingredients. * Known or suspected estrogen-dependent neoplasia. * Has deep vein thrombosis, pulmonary embolism or history of these conditions. • Subject has active arterial thromboembolic disease (e. g. stroke, myocardial infarction) or history of these conditions. * Known acute or chronic hepatic disease or dysfunction