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3-Substituted indolin-2-one derivatives had been designed and synthesized as a novel class of protein tyrosine phosphatase 1B (PTP1B) inhibitors. These compounds had been evaluated for their inhibitory activities against PTP1B in vitro with IC50 values in a low micromolar range. Compound 36, the lowest, bore an IC50 value of 3.48 µ M. Preliminary structure-activity relationship was summarized.