Provided is a nanosphere for delivery of a therapeutic agent comprising: a polymer matrix; discrete liquid oil droplets dispersed in the polymer matrix; and a therapeutic agent dissolved or dispersed in the oil. In some embodiments, the nanosphere is pegylated. In some embodiments, the nanosphere has a diameter of from about 100 nm to about 300 nm. In further preferred embodiments, the nanosphere has a diameter of from about 150 nm to about 250 nm. In yet further embodiments, the nanosphere has a diameter of from about 180 nm to about 220 nm. In some embodiments, the oil comprises a lipid or a phospholipid. In further embodiments, the lipid or the phospholipid has a melting point below 20° C. In some embodiments, the polymer is a natural, modified or synthetic polymer. In further embodiments, the polymer is biodegradable.