 This study is designed to evaluate the safety and efficacy of PN2034 administered to type 2 diabetics on concomitant rosiglitazone and metformin or Avandamet therapy as measured by change in glycosylated hemoglobin HbA1c levels from baseline to Week 12. Also the study will evaluate the effect of PN2034 on glucose control as measured by fasting plasma glucose FPG and on fasting lipid levels: triglycerides, total cholesterol, high-density lipoproteins HDL, low-density lipoproteins LDL, and very low-density lipoproteins VLDL. 