The present invention relates to triglyceride-free pharmaceutical compositionsfor delivery of hydrophobic therapeutic agents. Compositions of the presentinvention include a hydrophobic therapeutic agent and a carrier, where thecarrier is formed from a combination of a hydrophilic surfactant and ahydrophobic surfactant. Upon dilution with an aqueous solvent, the compositionforms a clear, aqueous dispersion of the surfactants containing thetherapeutic agent. The invention also provides methods of treatment withhydrophobic therapeutic agents using these compositions.