Inclusion Criteria:  The participant is male or female, 30 to 80 years of age on the date of informed consent. The participant has a clinical diagnosis of T2DM in their health record. The participant has a clinical diagnosis of diabetic nephropathy as the underlying cause of renal disease (diagnosis does not have to be confirmed via renal biopsy) in their health record. The participant has a serum glycosylated hemoglobin (HbA1c) less than 10% at the Screening Visit. The participant has a documented clinical diagnosis of an eGFR greater than or equal to 20 and less than or equal to 50 mL/min/1.73m², not requiring renal dialysis. The participant has a urinary albumin-to-creatinine ratio (UACR) of greater than or equal to 30 and less than or equal to 5,000 mg/g.  Exclusion Criteria:  The participant has a history of type 1 diabetes mellitus. The participant has a history of renal transplantation. The participant has a mean systolic blood pressure greater than or equal to 140 mmHg and/or mean diastolic blood pressure greater than or equal to 90 mmHg at screening. Participants with blood pressure outside of this range prior to biopsy and injection, may continue if approved by the Medical Monitor. The participant has hemoglobin levels less than 10 g/dL and is not responsive to the standard medical intervention for CKD-related anemia prior to randomization.