A mathematical model with an exact solution is presented for the controlled release of a drug from a hybrid dispersed network-membrane based system. Both hollow fiber and flat membrane device geometries are considered. The reservoir is loaded with a drug dispersed in a liquid phase. This reservoir is bounded by a microporous membrane, the pores of which are filled with liquid immiscible with the reservoir phase liquid. The drug dissolves from the solid network into the reservoir liquid and migrates through the reservoir toward the microporous membrane. At the interface between the reservoir and the pore, the solute partitions between the reservoir and the pore liquid phases, before diffusing outward through the membrane pore. Experimental results are in close agreement with the release profiles predicted by the mathematical model. Parametric studies reveal the interaction between system parameters and the controlled release behavior. The presence of a dispersed drug phase in the reservoir results in the release of drug for an extended time. The release rate of the drug may be controlled by its rate of diffusion through the membrane pores or by its rate of dissolution into the reservoir liquid.