This invention provides a topical drug formulation and methods for the preparation thereof. This invention further provides the use of said drug formulation in pharmaceutical compositions and methods of treating mammals. This invention also provides the use of said drug formulation in pharmaceutical compositions for dermatological and transdermal applications. More specifically, this invention provides an aqueous-based drug formulation which has increased storage stability and controlled drug release upon application. The present application also describes materials and methods useful in creating such drug formulations.