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Floating Kollidon® SR matrix tablets containing Propranolol HCl were developed and characterized with respect to drug release characteristics and floating strength. Kollidon® SR was able to delay Propranolol HCl release efficiently. Drug release kinetics was evaluated using the Korsmeyer–Peppas model and found to be governed by Fickian diffusion. Tablet floating started immediately and continued for 24 h. It was possible to monitor the floating strength of the matrix devices using a simple experimental setup. Floating strength was related to Kollidon® SR level with improved floating characteristics for samples with a high polymer/drug ratio. Swelling characteristics of the tablets were analyzed by applying the equation according to Therien-Aubin et al. The influence of the polymer content on swelling characteristics was found to be only marginal. Furthermore, the new method of benchtop MRI was introduced to study the water diffusion and swelling behaviour non-invasively and continuously.