The present disclosure provides compositions including a human placental extract and biodegradable microparticles, sustained release angiogenesis-modulating compositions, compositions and methods for releasing a placental extract to a target over a period of time, and methods for inducing and/or modulating angiogenesis and identifying modulators of angiogenesis. The present disclosure also provides methods of making a composition, including a placental extract that can induce and/or modulate angiogenesis.