The present invention discloses an integrin receptor targeting novel cationic CGKRK-lipopeptide. The present invention further discloses a liposomal formulation comprising the cationic CGKRK-lipopeptide, at least two co-lipids, at least one chemotherapeutic agent and a pharmaceutically acceptable carrier. The present invention also provides a method for regressing established tumors comprising administering therapeutically effective amount of the liposomal formulation comprising the chemotherapeutic agent.