The present invention relates to the formulation of Aloin Schiff Base (ASB) a potential drug to prevent lung cancer caused by inhalation of ions of iron. The ASB was synthesized using ammonium hydroxide. The best concentration of ASB to chelate Fe3+ was found to be 25 pcnt . This concentration of ASB was liposome encapsulated producing a nanoparticle (51 nm) suited for intranasal delivery. The successful intranasal delivery of ASB in the lung macrophages and the consequent chelation of iron was established.