Sub-micron and micron-size stable particles of water-insoluble or poorlysoluble drugs or other industrially useful insoluble compounds suspended in anaqueous medium containing at least one surface modifier are prepared byselecting the surface modifier or modifiers such that the hydrophile-lipophilebalance (HLB) of the composition, defined as formula (I): is between 4 and 9.This provides a reliable HLB-based selection criteria for selecting the typeand amount of surface modifiers used to obtain sub-micron size stablesuspensions.