A pharmaceutical composition comprising a lipid component, an amphiphilic emulsifier, a polar liquid carrier, and one or more electrolytes, where the amphiphilic emulsifier forms lipid carrying micelles having a lipophilic core comprising the lipid component in the polar liquid carrier, and/or liposomes organized as a lipid bilayer and/or other particle configurations. The pharmaceutical composition is free of hemoglobin and fluorocarbon and can be used for treating ischemic conditions with reduced reperfusion injury.