A Warwick company that is developing a new skin patch for administering prescription drugs was among three firms “pre-approved” for a tax-credit program.

Under a 2006 state law, the Rhode Island Economic Development Corporation can dole out $2 million in tax credits every two years to help fledgling companies attract investors. Businesses approved for the program can offer investors and others a credit of up to $100,000 off their individual state income-tax bill in return for their commitment.

The EDC approved the first six applications for the Innovation Tax Credit last November. Isis Biopolymer Inc., of Warwick, is one of three companies in a new batch of applicants reviewed this week by the EDC board, according to an agency spokesman. The two others are EvoCare Infusion Services, which provides home health services, and ER Card, a health records company.

If their applications are approved, Isis Biopolymer and the others will be able to use the program to attract investments.

Isis Biopolymer is enhancing transdermal patches –– medicated adhesive pads that are placed on the skin to deliver specific doses of medication through the skin and into the bloodstream.

Transdermal patches have been available in the United States for nearly 30 years, according to a National Institutes of Health Web site. The patches have several advantages compared with other methods of drug delivery: they are painless, they provide a constant dosage without the need for patients to remember to take medications, and the drugs are not degraded in the stomach and intestines.

To be eligible for the tax credits, businesses must be in high-wage industries, such as biotechnology, information technology, financial services or marine and defense manufacturing. Applicants must have annual revenue of less than $1 million.

Participating companies can receive a maximum of $100,000 in tax credits to bestow on investors, distribute to employees or hand over to a new executive as a signing bonus. (The credits can be shared by up to 10 individuals. Unlike other state programs, they cannot be sold.)

The program offers investors a 50-percent credit on their investment. For example, an investor who puts $100,000 into one of the companies could end up paying $50,000 less on state income tax.

pgrimald@projo.com