Abstract: A unique class of perfluorocarbon-free Dextran-based oxygen nanobubbles (DONBs) and formulations thereof. The critical components in the formulation are chosen among the U.S. Food, and Drug Administration's (FDA) approved compounds, which provide a biocompatible environment for incorporating pharmaceutical agents. Moreover, the nanobubbles are fabricated with simple sonication and homogenization method that easily fulfills the current good manufacturing practices (cGMP) requirements, which will promote scaleup production for commercial manufacturing. The formulated DONBs release oxygen over an extended period to keep the partial pressure of oxygen within the inner retina high and thus preserve retinal tissue from ischemia.