Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and anxiolytic drugs. It serves as a building block for benzodiazepine analogs and other heterocyclic compounds with biological activity. Its structure allows for functional modifications that enhance binding to GABA receptors, making it valuable in medicinal chemistry research. Also employed in the preparation of fluorescent probes and imaging agents due to its favorable photophysical properties.