There are provided amphiphilic biodegradable copolymers comprising a hydrophilic backbone with pendant aliphatic groups as the hydrophobic component. The polymers form nanoscale molecular aggregates in aqueous environments, which have hydrophobic interiors that are capable of solubilizing insoluble organic compounds such as drugs, vitamins, dyes, and imaging agents. The polymers optionally feature reactive functional groups that provide attachment points for antibodies, ligands, and other targeting moieties useful for the targeted delivery of drugs and imaging agents.