In situ polymerizable hydrogels are extensively investigated to implement new biomedical and pharmaceutical approaches. In the present paper a novel polysaccharidic matrix based on calcium alginate (Ca(II)-Alg) hydrogel and dextran methacrylate derivative (Dex-MA), showing potential applicability in the field of pharmaceutics is described. The semi-interpenetrating polymer system (semi-IPN) obtained by a dispersion of Dex-MA chains into a Ca(II) hydrogel leads to a hydrogel with rheological properties quite different from those of Ca(II)-Alg, allowing to inject the semi-IPN easily through an hypodermic needle. The UV curing of the semi-IPN, by cross-linking of the methacrylate moieties, leads to an IPN strong hydrogel that can be used for a modulated delivery of bioactive molecules. In the present paper, rheological and mechanical behaviors of the semi-IPN and of the IPN are discussed. The release of model molecules, including a protein, are also presented to show the suitability of the novel system as a drug delivery system.