Phase IIb-III Study of BL-1020 Small Molecule for Schizophrenia

Inclusion Criteria: 1. Male or non-pregnant or lactating female, 18-50 years of age inclusive 2. Patients must have exhibited symptoms meeting the criteria of schizophrenia for at least one year, but not more than 20 years, prior to Screening 3. Recent onset (not more than 30 days) of worsening of psychiatric symptoms at Screening. 4. Currently experiencing an acute exacerbation of schizophrenia, as defined by the following results at Screening and Baseline: * ≥70 total score on the PANSS * ≥4 (moderate) on two of the following four PANSS items: (1) delusions, (2) hallucinatory behaviors, (3) conceptual disorganization or (4) suspiciousness/persecution, where at least one of the two items must be either delusions or hallucinatory behaviors 5. CGI-S score between 4 and 6 (moderately ill to severely ill) at the Screening and Baseline visits. 6. Has exhibited a sufficient clinical response to at least one previous course of an anti-psychotic agent prescribed at a generally recognized therapeutic dose. 7. Must have completed at least 5 years of formal education or its equivalent Exclusion Criteria: 1. Breastfeeding or pregnant 2. Symptoms of schizophrenia for more than 20 years at the time of screening. 3. Psychotic symptoms that have failed to improve (based on Investigator's opinion or documented medical history) following sufficient treatment with therapeutic doses of two or more anti-psychotics agents over the preceding 2 years 4. Prior history of neuroleptic malignant syndrome 5. Prior history or current evidence of moderate or severe tardive dyskinesia (mild is acceptable). 6. Abnormal ECG evaluation 7. History of confirmed epilepsy or prior seizure disorder (history of a single febrile seizure is not exclusionary) 8. In the opinion of the investigator, unstable medical disease (e.g., malignancy, poorly controlled diabetes or hypertension, ischemic cardiac disease, dilated cardiomyopathy or valvular heart disease, pulmonary disease, liver disease, kidney disease) 9. Acute infectious disease (e.g., malaria, dengue fever, hepatitis A), or chronic infectious disease (e.g., history of AIDS or HIV positivity, tuberculosis) 10. Likely allergy, sensitivity or intolerance to BL-1020, perphenazine, risperidone, paliperidone, or any of the drug product excipients 11. Any suicide attempt within the preceding 2 years 12. Any Substance Dependence disorder 13. High likelihood of substance abuse 14. Diagnosis with one of the following DSM-IV-TR Axis I diagnoses: schizophreniform disorder, schizoaffective disorder, bipolar disorder, substance dependency, mood disorder with psychotic features; psychotic disorder NOS 15. Requiring chronic treatment with benzodiazepines 16. Requiring chronic treatment with mood stabilizers 17. Previously treated with clozapine within 6 months prior to screening 18. Any abnormal clinical laboratory test result that is judged by the Investigator to be clinically significant 19. History of, or serologic evidence of, acute or chronic active hepatitis B or C