It's going to be an exciting week for diabetes drug investors. The Food and Drug Administration has a two-day advisory panel lined up so that panelists can give their opinions on a pair of drugs.

First up is Bristol-Myers Squibb's (NYSE:BMY) and AstraZeneca's (NYSE:AZN) Onglyza on Wednesday. The drug is in the same class as Merck's (NYSE:MRK) Januvia, which might hurt it once it gets to market, but could actually benefit the company at its meeting tomorrow.

The FDA recently came down with stricter safety guidelines after it was discovered that GlaxoSmithKline's (NYSE:GSK) Avandia was linked to heart issues. Unfortunately, the trials for Onglyza had already been completed, so the companies did an after-the-fact analysis on the data and found any heart issues well within the new safety limits. But since the trials weren't designed to measure heart issues, the conclusions aren't as convincing. Fortunately, the panel is likely to weigh the fact that Januvia hasn't had major heart issues when deciding how strict it wants to be on Onglyza. It seems likely that the panel will give Onglyza a free pass, but we'll have to wait until tomorrow to see.

Next up, on Thursday, is Novo Nordisk's (NYSE:NVO) liraglutide, which is in the same predicament as AstraZeneca, having completed its trials before the new requirements came out. But the FDA appears to be just as concerned about another potential side effect -- thyroid tumors. The drug is in the same class as Amylin Pharmaceuticals' (NASDAQ:AMLN) and Eli Lilly's (NYSE:LLY) Byetta, but could potentially win the battle because liraglutide only requires one injection a day, compared to Byetta's twice-daily injections. Half as many pokes per day should be a good selling point -- at least until Amylin gets its once-weekly Byetta on the market. But first, liraglutide has to get past the FDA, and an endorsement by the advisory panel would certainly be a step in the right direction.

Keep your blood sugar under control, Fools; it's going to be an exciting week.

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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. The Fool has a disclosure policy.