A Safety, Tolerability, Pharmacokinetic and Pharmacodynamic Study of ACE-031 in Healthy Postmenopausal Women

Inclusion Criteria: * Postmenopausal * Body mass index (BMI) of ≥ 18.5 to \< 32. Exclusion Criteria: * History of malignancy, except excised or treated basal cell carcinoma, cervical carcinoma in-situ, or ≤ 2 squamous cell carcinomas * History of clinically significant cardiac, endocrinologic, hematologic, hepatic, immunologic, metabolic, urologic, pulmonary, neurologic, dermatologic, psychiatric, renal, and/or other major disease. * History of opportunistic infection (e.g. invasive candidiasis or pneumocystis pneumonia) within 6 months prior to screening or serious local infection (e.g., cellulitis, abscess) or systemic infection (e.g., septicemia) within 3 months prior to screening. * Surgery within 3 months prior to Day 1 (other than minor cosmetic or dental procedures). * Fever or symptomatic viral or bacterial infection within 7 days prior to Day 1. * Donation or significant loss of blood within 2 months prior to Day 1. * Hormone replacement therapy within 3 months prior to Day 1. * Treatment with erythropoiesis stimulating agents (Epogen, Procrit, Aranesp, etc) within 2 months prior to Day 1. * Systemic glucocorticoid therapy within 6 months prior to Day 1. * Treatment with another investigational drug or approved therapy for investigational use within 1 month prior to Day 1. * Previous treatment with ACE-031.