Dose-finding of PB-119 Administered Subcutaneously Once-weekly Versus Placebo in Drug-naïve T2DM Subjects

1. Males and/or females between the ages of ≥18 and ≤70 years at Screening

2. Patients in whom T2DM has been diagnosed according to 1999 WHOT2DM diagnostic criteria

3. HbA1c ≥7.5% and ≤11% at Screening and at Week -1

4. Body mass index (BMI) ≥18.5 and ≤35.0 kg/m2 at Screening

1. Female who is pregnant, intends to become pregnant or breast-feeding or is of child-bearing potential and not using adequate contraception methods throughout the trial

2. Treatment with any glucose lowing agent(s) within 3 months prior to screening.An exception is short-term treatment (no longer than 7 days in total) with insulin in connection with inter-current illness

3. Calcitonin ≥50 ng/L at screening

4. Patients with a personal or family history of medullary thyroid carcinoma or multiple endocrine neoplasia, type 2

5. Fasting triglyceride ≥500 mg/dL at Screening, or patients with a history of lipid disorders taking unstable treatment dosage (eg, statins) within 3 months prior to screening

6. Any acute or chronic condition that, in the opinion of the Investigator, would limit the patient's ability to complete and/or participate in this trial

7. Blood amylase or lipase >3x ULN, history of acute or chronic pancreatitis, or history of symptomatic gallbladder disease at Screening

8. Serum creatinine ≥1.5 mg/dL (male patients) or ≥1.4 mg/dL (female patients), or estimated glomerular filtration rate (eGFR) <45 mL/min/1.73 m2 at Screening

9. Alanine aminotransferase (ALT) or aspartate aminotransferase (AST) >2x upper limit of normal (ULN) at Screening and pre-randomization

10. Severe cardiovascular diseases occurring within 6 months prior to screening