Ferris, U.S. Pat. No. 4,432,993 discloses 2-(2-benzofuranyl)ethanolamine derivatives of the formula (IX): ##STR9## wherein R1 is hydrogen or methyl; R2 is hydrogen or methyl; R3 is hydroxy, hydroxy(C1 -C6)alkoxy, benzyloxy or a group X-Y-Z wherein (i) X is a bond or oxygen, Y is a C1 -C6 straight or branched alkylene, and Z is hydrogen or carboxy; or (ii) X is a bond or --O--CH2 --, Y is a C2 -C6