Phase 2b Multicenter, Randomized, Double-Blind, Placebo- and Active-Controlled, Parallel-Group Study to Assess the PD Response and Safety of Three Dose Levels of (PB1023) Injection Following 20 Weeks of Weekly SC Dosing in Adults With T2DM

Inclusion Criteria:

- Male and female subjects 18 to 75 years of age, inclusive;

- Body mass index ≤45 kg/m2;

- Diagnosed with T2DM with HbA1c of ≥7.0% and ≤11.0% and treated with diet and exercise
alone, or with stable doses of metformin alone, sulfonylurea alone or metformin and
sulfonylurea.

Exclusion Criteria:

- Currently taking or have taken within the last 6 months non-oral antihyperglycemic
agents (eg, insulin, Byetta®, Bydureon®, or Victoza). Short-term use of insulin
within this period will not be cause for exclusion if insulin was used during the
treatment of an acute intercurrent illness;

- Known allergy to or serious adverse effect caused by an approved or investigational
glucagon-like peptide-1 (GLP-1) receptor analog/agonist;

- Unstable cardiovascular disease;

- History of weight loss surgery or other gastrointestinal surgical procedures that
could possibly interfere with the mechanism of action of GLP-1 receptor agonists;

- Based on contraindications/warnings identified with other GLP-1 receptor agonists,
subjects will be excluded if they have: History, symptoms, or signs of pancreatitis
or severe gastrointestinal disease (ie, gastroparesis) or Personal or family history
of medullary thyroid tumors or history of Multiple Endocrine Neoplasia Syndrome Type
2;

- Clinically significant renal and/or hepatic dysfunction;

- Pregnant or lactating female subjects.