This drug will compete directly with both Byetta and Bydureon, which both contain exenatide.

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Byetta (exenatide) is a relatively new drug and was approved to treat type 2 diabetes in 2005.

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Kliff, who was on the conference call, said that nothing adverse to the approvals of Exenatide was disclosed.

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Both Exenatide and Exenatide LAR are targeted at people with Type 2 Diabetes, which represents 90% to 95% of the diagnosed cases of diabetes.

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Amylin Pharmaceuticals (nasdaq: AMLN - news - people ) is in phase III trials of Exenatide, a drug that promises to treat Type 2 diabetes.

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Addressing heightened FDA scrutiny of heart-related effects of diabetes drugs, the companies said at the time that an analysis showed no increased risk of cardiovascular events to be associated with exenatide.

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Byetta and Bydureon share an active ingredient, exenatide.

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