The present invention relates to structurally modified chalcone derivatives exhibiting improved solubility and having affinity for all the sex steroid receptors i.e. Estrogen -Alpha, Estrogen - Beta and androgen receptors. The chalcone derivative(s) are flavones(s)/Isoflavone(s)/ chalcone(s). The Invention also provides a topical eye formulation comprising said structurally modified flavones(s)/Isoflavone(s) and chalcone(s). The structurally modified derivative(s) also have applications in foodstuffs, beverages, dietary supplements, and pharmaceutical compositions.
