This document discusses opportunities for targeted cancer therapies using nanotechnology. It describes how nanoparticles can provide multi-functional capabilities like targeting, delivering, and reporting on drugs directly to tumor sites. This allows improved drug delivery with lower toxic side effects. The document outlines the National Cancer Institute's strategy to accelerate nanotechnology for cancer through centers of excellence, a nanotechnology characterization laboratory, and interagency collaborations on areas like characterization, standards, and training. It also discusses challenges in translating early-stage nanoparticle research into clinical studies and the need for public-private partnerships.