A method of treating anxiety, agitation, hostility, panic, eating disorders, affective symptoms, mood symptoms, negative and positive psychotic symptoms commonly associated with schizophrenia, dementia, anxiety, depression, mood disorders, bipolar disorders, bipolar mania, bipolar depression, cognitive disorders and neurodegenerative disorders comprising administering an effective amount of Formula (I) or its pharmaceutically acceptable salt. In another aspect of the invention a pharmaceutical composition is provided comprising an effective amount of Formula (I) or its pharmaceutically acceptable salt and at least on pharmaceutically acceptable carrier or diluent.