A special photosensitizer formulation and Photodynamic Therapy method for treating choroidal neovascularization (CNV) associated with age-related macular degeneration (AMD) is provided. CNV is a major cause for vision loss in elderly patients. A special drug delivery formulation is used to encapsulate the hydrophobic photosensitizer, preferably a pegylated liposome. This improves the solubility and therapeutic index of the photosensitizers. In one preferred embodiment, a pegylated photoactive agent remains confined in the intravascular compartment of neovasculature for a longer duration. Thus efficient elimination of neovascular proliferation and minimal damage to extravascular tissue and normal vessels is ensured. In this method, a hydrophobic photosensitizer, that is able to photochemically destroy neovessels, is injected into the patient. CNV irradiation with a non-thermal laser follows after a predefined time interval. The excited photosensitizer photocoagulates newly formed blood vessels thereby improving the vision and preventing further loss of vision.
