This invention relates to an aqueous gel-free two-phase coacervate composition comprising a coacervate phase and an equilibrium water phase, comprising a mixture of:(a) a poorly water-soluble bio-active agent,(b) a tensio-active system with a HLB from 8 to 18 and consisting of non-ionic tensio-active agents,(c) one or more water-soluble carriers for said poorly water-soluble bio-active agent, said carriers being selected from the group consisting of polyols, and(d) water.Such coacervate compositions may be dried into solid dosage forms from which rapid release of the bio-active agent can be obtained.