Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents and cardiovascular drugs. Its structure allows for selective modifications, making it valuable in medicinal chemistry for creating analogs with enhanced biological activity. Commonly employed in research settings to develop potential treatments for neurological disorders due to its affinity for receptor sites involved in neurotransmission. Also utilized in the preparation of fluorescent probes for biochemical assays, leveraging its photophysical properties for detection and imaging applications.