One of the limitations in the drug delivery field is the inability to specifically target therapeutic or imaging agents to certain tissues, organs or tumors. Magnetic nanoparticles have emerged as effective drug delivery systems, which can be directed by externally applied magnetic fields and specifically tailoring their functional properties. Unfortunately, available magnetic nanoparticles with therapeutic and imaging agents have several limitations: creation involves a complex multi-step process, they have a limited agent loading capacity, experience rapid bound agent dissociation, and go through rapid loss of magnetization ability. Researchers at the University of Nebraska Medical Center have developed a novel magnetic nanoparticle technology with a high drug-loading capacity, adjustable release profile, high aqueous dispersion stability, biocompatibility with tissue and cells, and prolonged stable retention of magnetic properties.