The invention provides a controlled release biodegradable polymer formulation adapted for administering bioactive agents, such as therapeutic proteins, to a patient through implantation of a bolus that forms a depot within the patients body tissues. The formulation includes a dehydrated inclusion complex of the bioactive agent within a hydrogel. A method of forming the inventive formulation is also provided, as well as a method for using the formulation in the treatment of a malcondition in a patient in need thereof.
