First mode of preparation: Prepare the solution of piroxicam in propylene glycol and dexpanthenol at 70–80°C, add ethanol and Lutrol F 127. Stirr the highly viscous mixture, add 50% of the hot water (70°C), adjust the pH with triethanolamine to about 7, add the rest of the water, cool to room temperature when the air bubbles escaped and adjust the pH to about 8.
Alternative mode of preparation: Dissolve piroxicam in propylene glycol, dexpanthenol and triethanolamine. Cool the mixture of Lutrol F 127 and water to about 5 °C and mix with the piroxicam solution. Add the ethanol. Maintain the cool temperature until the air bubbles escaped.