Selective estrogen receptor modulators (SERMs) have the ability to bind the 
estrogen receptor (ER) and are known to confer ER agonist or antagonist effects 
depending on the target tissue. A number of newer SERMs, including bazedoxifene, 
lasofoxifene and ospemifene, are currently under clinical development for the 
prevention and treatment of postmenopausal osteoporosis and for other 
indications. Although the possibility of developing a single agent that has all 
of the desired characteristics of an ideal SERM seems to be unlikely, progress 
in the clinical development of SERMs targeted to the ER suggests that these 
newer compounds may have attributes that represent an improvement relative to 
existing SERMs. A new approach to menopausal therapy is the tissue selective 
estrogen complex or the pairing of a selective estrogen receptor modulator with 
estrogens. Further investigation will help to clarify relative benefits/risks of 
novel SERMs in development within specific indications.