Disclosed is a substituted benzofuran compound of formula (I) where the substituents are as disclosed in the specification. Examples of compounds of formula (I) are 5-Acetyl-4, 7 -dimethoxy-6-(3-(phenyl)propoxy)benzofuran 5-Acetyl-4, 7 -dimethoxy-6-( 4-(phenoxy)butoxyl)benzofuran and 5-Acetyl-6-(3-phenylpropoxy)benzofuran. Also disclosed is a pharmaceutical composition comprising a compound of formula (I), the use of a compound of formula (I) in the manufacture of a medicament for treating or prevention of autoimmune or chronic inflammatory diseases, or the prevention of rejection of foreign organ transplants and/or related afflictions and a method of intentionally modulating potassium ion channel activity of T-cells ex-vivo by the application of a compound of formula (I) or a pharmaceutically acceptable salt thereof, to said T -cells.
