a novel medicament for the treatment of estrogen - deficient disease states is disclosed . said medicament is a combination preparation comprising an erβ - selective estrogen and an erα - selective antiestrogen or serm . the antiestrogen or serm which is a component of the combination preparation is preferably selective for the periphery . the preparation is suitable for an organ - specific estrogen therapy and has clear advantages over conventional therapies . due to the combination of erα - selective serm and erβ - estrogen the preparation permits a complete protection against bone loss caused by estrogen deficiency . the components of the medicament also have a synergistic effect with respect to the inhibition of inflammation inducing genes , in particular in inflammatory disorders such as atherosclerosis and arthritis , or neurodegenerative diseases such as alzheimers and multiple sclerosis . furthermore , positive effects on cognition and mood may be expected . the protective estrogen - like effects are achieved , with no expectation of proliferation effects on breasts or uterus .