Banoxantrone dihydrochloride is primarily used in the field of oncology as an investigational chemotherapeutic agent. It is being studied for its potential to treat various types of cancer, particularly solid tumors. The compound works by intercalating DNA and inhibiting topoisomerase II, which disrupts the replication process of cancer cells, leading to their death. Its application is focused on improving the efficacy of cancer treatments while minimizing adverse effects. Research is ongoing to determine its full therapeutic potential and optimal use in clinical settings.