This new class of nanobubbles for the treatment of hypoxia are comprised of FDA approved compounds and provide a biocompatible environment for incorporating pharmaceutical agents. Moreover, unlike traditional phospholipid or dextran nanobubbles these new nanobubbles can release their payload without the use of an external trigger such as ultrasound. Additionally, these new nanobubbles have also shown significant promise as a therapy for Central Retinal Artery Occlusion (CRAO).