The new product is for once-daily dosing, and patients can achieve a dose within the recommended range as early as the second day of treatment, the company said.

"For many patients with schizophrenia, Seroquel XR may offer a viable once- daily treatment while decreasing the number of tablets needed to be taken each day," said Charles Schulz, professor and head of the Department of Psychiatry at University of Minnesota Medical School, in a statement issued by AstraZeneca.

Schizophrenia is a brain disease marked by symptoms including hallucinations and delusions, illogical thinking, and flat or blunted emotions, the company said, which affects more than 2 million American adults, or about 1 percent of the population age 18 and older.