The present invention provides a directly compressible co-processed excipient comprising of poly ethylene oxide with cellulosic polymer in the geometric ratio of 10:90 to 90:10 weight basis, preferably in the ratios of 70:30 to 80:20. Such ratio controls the initial burst release of the formulation which can be controlled by polyethylene oxide afterwards controlled by hydroxypropyl methyl cellulose or ethyl cellulose. The present invention also provides a process for preparing the directly compressible co-processed excipient comprising of poly ethylene oxide with cellulosic polymer by compaction method. Also, provided are compositions and dosage forms comprising of directfy compressible co-processed excipients of poly ethylene oxide with cellulosic polymer and atieast one active agent. Dosage forms are particularly modified release dosage forms prepared by the direct compression method.
