Study of CYR-101 in Patients With Schizophrenia

Inclusion Criteria: * Male or female patients, 18 to 65 years of age, inclusive * Female patients must test negative for pregnancy and, if of childbearing potential, must be using a medically accepted means of contraception. * Patients must have a diagnosis of Schizophrenia or schizo-affective disorders as defined in Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition Text Revised (DSM-IV TR, APA 2000) (Disorganised, 295.10; Catatonic, 295.20; Paranoid, 295.30; Residual, 295.60; or Undifferentiated, 295.90) and confirmed by the Structured Clinical Interview for DSM-IV (SCID). * Patients must meet the following psychopathologic severity criteria at screening: Positive and Negative Syndrome Scale (PANSS) total score, of at least 60. * Patients must receive a rating of 4 (moderately ill) or greater on the Clinical Global Impression-Severity (CGI-S) scale at screening. * Patients in whom, in the opinion of the investigator, a switch to another antipsychotic medication or initiation of an antipsychotic medication is indicated. * Patients must be considered reliable, have a level of understanding sufficient to perform all tests and examinations required by the protocol. * Patients must be able to understand the nature of the study and have given their own informed consent. Exclusion Criteria: * Are investigator site personnel directly affiliated with the study, or are immediate family of investigator site personnel directly affiliated with the study. Immediate family is defined as a spouse, parent, child, or sibling, whether biological or legally adopted. * Have received treatment with a drug that has not received regulatory approval for any indication within 30 days prior to screening. * Patients in whom treatment with CYR-101, or placebo, as specified in this protocol, is relatively or absolutely clinically contraindicated. * Patients who have a history of an inadequate response, in the opinion of the investigator, to 2 or more adequate antipsychotic medication trials of at least 8 weeks duration in the past 12 months prior to screening. * Patients who require concomitant treatment with any other medication with primary central nervous system activity, other than certain allowed medications as specified in Study Protocol. * Patients receiving treatment with depot antipsychotic medication within 1 dosing interval, minimum of 4 weeks, prior to screening. * Actively suicidal (for example any suicide attempts within the past month or any current suicidal intent including plan) in the opinion of the investigator or a score of 4 or greater on Item 10 of the Montgomery-Asberg Depression Rating Scale (MADRS). * DSM-IV diagnosis of substance dependence or substance abuse (except nicotine and caffeine) within the 6 months prior to screening. * Diagnosis of substance-induced psychosis by DSM-IV criteria within 7 days of screening (or at any time during the study). * Patients with current heteroaggressive behavior. * Female patients who are pregnant, nursing, or who intend to become pregnant within 30 days of completing the study. * Have increased risk of seizures as evidenced by a history of: one or more seizures (except childhood febrile seizure), history of electroencephalogram (EEG) with epileptiform activity, history of stroke; surgery to the cerebral cortex; or head trauma with loss of consciousness. NOTE: patients with a history of childhood febrile seizure may be enrolled in this study. * Patients who have had electroconvulsive therapy (ECT) within 3 months of screening visit or who will have ECT at any time during the study. * Test HIV positive. * Test positive for Hepatitis C antibody or Hepatitis B surface antigen (HBsAg). Patients with positive Hepatitis B core antibody test and negative HBsAg may be included in the study if aminotransferase levels (ALT/SGPT and AST/SGOT) do not exceed 1.5 times upper limit of normal (ULN). * Alanine transaminase/serum glutamic-pyruvic transaminase (ALT/SGPT) values \>1.5 times ULN of the performing laboratory, or total bilirubin values \>2 times the ULN or concomitant ALT/SGPT values \>1.5 times the ULN and total bilirubin values \>1.5 times the ULN at screening. * Patients with acute, serious, or unstable medical conditions, including (but not limited to) inadequately controlled diabetes (hemoglobin A1c (HbA1c) \>8%), severe hypertriglyceridemia (fasting triglycerides \>5.6 mmol/L, recent cerebrovascular accidents, serious acute systemic infection or immunologic disease, unstable cardiovascular disorders (including ischemic heart disease), malnutrition, hepatic, renal, gastroenterologic, respiratory, endocrinologic, neurologic, or haematologic diseases. * Prolactin level at screening visit of greater than 200 ng/mL (or 200mg/L). * A diagnosis of Parkinson's disease, dementia-related psychosis, or related disorders. If a patient has a past misdiagnosis of Parkinson's disease, dementia-related psychosis, or related disorders, the investigator will need to contact the Clinical Research Physician prior to enrolment. * Patient with current clinically significant cardiovascular disease. * History of syncopal events due to cardiovascular abnormality.