Aug. 1, 2009 (United Press International) -- The drug Onglyza has been approved for use by Type 2 adult diabetics, the U.S. Food and Drug Administration said.

Also known as saxagliptin, the drug is tended to be taken once a day in tablet form and used with diet and exercise to control high blood sugar levels, the FDA said in a release Friday.

Onglyza, manufactured by Bristol-Myers Squibb (NYSE:BMY PR) (NYSE:BMY) of Princeton, N.J., is in a class of drugs known as dipeptidyl peptidase-4 inhibitors, which stimulate the pancreas to make more insulin. Type 2 diabetics are resistant to insulin or don't produce enough insulin to maintain normal blood sugar levels.

An estimated 24 million U.S. residents have Type 2 diabetes, FDA spokeswoman Dr. Mary Parks said.

Onglyza's side effects can incude upper respiratory tract infection, urinary tract infection, headaches, rash and hives, she said.