Several brominated indole alkaloids and a diterpene (1-7) were isolated from the dichloromethane extract of the North Sea Bryozoan Flustra foliacea. Alkaloid 4 is a new natural product, whose structure was elucidated by interpretation of spectroscopic data (NMR, mass, UV, and IR). All compounds were tested for their in vitro affinity towards the alpha4beta2* and alpha7* subtype of the neuronal nicotinic acetylcholine receptor (nAChR) using radioligand binding assays. Deformylflustrabromine (3) and deformylflustrabromine B (4) were shown to have affinities in the lower micromolar range for nAChRs, differing in their subtype preference.