An aqueous suspension of the olamine salt form of ciclopirox, a synthetic, broad-spectrum hydroxypyridone antifungal agent with additional antibacterial and anti-inflammatory activities. Although the exact mechanism of action of ciclopirox has yet to be fully elucidated, this agent is able to chelate trivalent cations, such as Fe3+, thereby inhibiting the availability of essential co-factors for enzymes. This may lead to a loss of activity of enzymes that are essential for cellular metabolism, organization of cell wall structure and other crucial cell functions. In addition, ciclopirox exerts its anti-inflammatory activity by inhibiting 5-lipoxygenase and cyclooxygenase (COX).