You are quite right in identifying those two possible readings of the sentence. They are the only two logically possible.

However, many authors are a bit slack with conjucntions and punctuation, and so it is possible that the following was intended:
"Accordingly, the compounds of formula I may be employed for prevention or treatment of insulin resistance associated with (obesity, glucose intolerance, diabetes mellitus, [and] hypertension) and ischemic diseases of the large and small blood vessels.”

The text seems otherwise well-written, and so I consider this unlikely. I would prefer your interpretation 1, as already supported by Alaa.

This was in bad english but it sounds like you are about to be employed to administer this drug to people with these symtoms. My parents are diabetics, type one and type two. Hypertension doesnt cause insulin resistance.

"Should there be any disturbances to the binding of insulin to the receptors, or of the receptor response to insulin, there will be reduced insulin activity, or insulin resistance. If insulin is not functioning, there is reduced glucose entry into the cells, which is detected by the pancreas as raised blood sugar (hyperglycaemia). The pancreatic response is then to produce more insulin, (hyperinsulinaemia) to compensate for the lack of cellular response to the hyperglycaemia. Insulin resistance has been estimated to occur in up to 25% of the ‘normal’ non-diabetic population of the USA5, at least as commonly as obesity. Poor insulin activity and chronically elevated blood insulin levels are associated with a number of serious diseases. Among these, hypertension6, obesity7,8, ischaemic heart disease9, dyslipidaemia10 and non-insulin-dependant diabetes mellitis11 are major diseases in which insulin resistance has a clearly demonstrated relationship with the aetiology and clinical course of the disease. The cluster of findings of hypertension, dyslipidaemia and hyperinsulinism has been labelled Syndrome X."

from:
Insulin Resistance, Obesity And Diabetes: The Connection
Robyn Cosford MB, BS (Hons), FACNEM
Journal of the Australasian College of Nutritional & Environmental Medicine, Vol. 18, No. 1, April 1999, pages 3-10
http://www.acnem.org/journal/18-1_april_1999/insulin_resista...

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Note added at 3 hrs 46 mins (2004-09-22 21:50:13 GMT)
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(full article in link)

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Note added at 2 days 15 hrs 30 mins (2004-09-25 09:34:17 GMT) Post-grading
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The spelling of Mellitus doesn\'t alter my impression from a quick reading (before posting it as an example) - the article appears to be written in sensible scientific language and from apparently respectable sources, which surely is what matters for our purposes.

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Note added at 2 days 15 hrs 41 mins (2004-09-25 09:44:42 GMT) Post-grading
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(In view of this it seems unnecessary to go to a more prestigious journal, in this instance anyway.)

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Note added at 2 days 17 hrs 38 mins (2004-09-25 11:41:40 GMT) Post-grading
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(And of course, other respectable authorities online & off say the same thing about the link)

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Note added at 2 days 17 hrs 40 mins (2004-09-25 11:43:35 GMT) Post-grading
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(between insulin resistance & isch. h d

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Note added at 2 days 17 hrs 40 mins (2004-09-25 11:43:45 GMT) Post-grading
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)