Microparticles of poly(ε-caprolactone) loaded with riboflavine sodium phosphate (0.5%) were produced by two different techniques, namely by solvent evaporation and phase separation. Our investigations were mainly concerned with the effect of various manufacturing and formulation parameters on the properties of the particles obtained and, in particular, on their size distribution and shape and on the entrapment ratio of the model drug. The respective advantages of the two techniques are discussed.