Formulations and methods for preparing a lyophilized composition comprising liposomes comprised of an unsaturated lipid and a hydrophobic drug associated with the liposome, and a cryoprotectant in a solution at a selected concentration. The phase transition temperature of the lipid is greater than the freezing point of the solution at the selected concentration. Preferably the lipid is palmitoyl-oleoylphosphatidylcholine and the cryoprotectant is sucrose.
