Composition comprising a stable aqueous suspension formulation, which may be reconstituted from a water dispersible dry composition, comprising compound of Formula I in the form of particles stabilized in an aqueous suspension. It causes little or no injection site irritation and has superior properties over non-aqueous formulations. It stimulates autophagy, enhance innate immunity, down-regulates unproductive inflammation and exerts a Th1 immune bias. It demonstrates better efficacy in both in vitro and in vivo models.