Used in biomedical research for labeling and tracking biomolecules due to its luminescent properties. It is applied in imaging techniques to study cellular processes and molecular interactions. The compound is also utilized in the development of targeted drug delivery systems, where it helps in attaching therapeutic agents to specific cells or tissues. Additionally, it plays a role in diagnostic assays, enhancing the detection of biomarkers in clinical samples. Its water-soluble nature and biocompatibility make it suitable for various in vivo and in vitro applications.