A pharmaceutical composition comprises microparticles in micelle. The microparticles contain at least one pharmaceutically-active agent, at least one water soluble or miscible phospholipid, at least one lipid soluble or miscible phospholipid, at least one non-ionic surfactant having an HLB value of about 15 or greater, at least one non-ionic surfactant having an HLB value of about or less, and at least one water soluble or miscible sterol compound. The microparticles are suspended in at least one fatty acid having a chain length of C. sub. 14 or less. The composition may optionally contain at least one fatty acid having a chain length of C. sub. 16 or greater in a concentration of about 5 w/v % or less. The composition is prepared by admixing the pharmaceutically-active agent, phospholipids, surfactants, and sterol, micronizing the admixture to form microparticles, and suspending the microparticles in at least one fatty acid of chain length of C. sub. 14 or less to form microparticles in micelle.
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