Novel compounds of Formula I are provided: its stereoisomers and/or pharmaceutically acceptable salts for the treatment of diabetes and diabetes associated dyslipidemia wherein R1 is selected from a group consisting of hydroxy alkoxy amine alkyl haloalkyl NHSOR or NHCOR wherein R is selected from alkyl or cycloalkyl NHR wherein R is alkyl or cycloalkyl optionally substituted by hydroxy or alkoxy and n and n are independently selected from 0 1 and 2. At least one of R and R and/or R and R form a cyclic ring of 3 8 carbon atoms optionally containing alkyl groups hetero atoms or functional groups such as O N SO. Additionally when R and R or R and R do not form a cyclic ring then they may be independently selected from hydrogen alkyl branched alkyl and cycloalkyl. L is a linear aliphatic chain optionally containing from 4 to 16 carbon atoms. The chain may optionally be substituted one or more times by alkyl branched alkyl cycloalkyl or aryl. R is independently selected from hydrogen alkoxy hydroxy alkyl haloalkyl cycloalkyl heterocycloalkyl heteroaryl cyano or COR wherein R is selected from hydroxy alkyl alkoxy or amine NHR NHSO2R or NHCOR. Y is oxygen or hydrogen. Y is optional wherein when Y2 is present Y and Y are hydrogen. When Y is not present Y is a carbonyl group.
