--------------------------------- OMB APPROVAL --------------------------------- OMB Number: 3235-0145 Expires: February 28, 2009 Estimated average burden hours per response............10.4 --------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. __)* Flamel Technologies S.A. - ------------------------------------------------------------------------------- (Name of Issuer) Common Stock - ------------------------------------------------------------------------------- (Title of Class of Securities) 338488109 -------------------------------------------- (CUSIP Number) October 4, 2006 - ------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [_] Rule 13d-1(b) [X] Rule 13d-1(c) [_] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1745 (3-06) Page 1 of 6 pages
- ------------------- CUSIP No. 338488109 - ------------------- - ------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Glenhill Advisors, LLC 13-4153005 - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - ------------------------------------------------------------------------------- Number of 5. Sole Voting Power 1,207,567 Shares ---------------------------------------------------- Beneficially 6. Shared Voting Power 0 Owned by ---------------------------------------------------- Each 7. Sole Dispositive Power 1,207,567 Reporting ----------------------------------------------------- Person With: 8. Shared Dispositive Power 0 - ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,207,567 - ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] - ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 5.1% - ------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) IA, HC - ------------------------------------------------------------------------------- Page 2 of 6 pages
- ------------------- CUSIP No. 338488109 - ------------------- - ------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Glenn J. Krevlin - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - ------------------------------------------------------------------------------- 3. SEC Use Only - ------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States - ------------------------------------------------------------------------------- Number of 5. Sole Voting Power 1,207,567 Shares ---------------------------------------------------- Beneficially 6. Shared Voting Power 0 owned by ---------------------------------------------------- Each 7. Sole Dispositive Power 1,207,567 Reporting ----------------------------------------------------- Person With: 8. Shared Dispositive Power 0 - ------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,207,567 - ------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] - ------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 5.1% - ------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - ------------------------------------------------------------------------------- Page 3 of 6 pages
Item 1(a). Name of Issuer: Flamel Technologies S.A. Item 1(b). Address of Issuer's Principal Executive Offices: Parc Club du Moulin a Vent 33 avenue du Dr. Georges Levy 69693 Venissieux cedex France Item 2(a). Name of Persons Filing: Glenhill Advisors, LLC and Glenn J. Krevlin. Glenn J. Krevlin is the managing member and control person of Glenhill Advisors, LLC. Glenhill Advisors, LLC is the managing member of each of Glenhill Capital Management, LLC and Glenhill Overseas Management, LLC. Glenhill Capital Management, LLC is investment advisor to each of Glenhill Capital LP, Glenhill Concentrated Long Master Fund, LLC and Glenhill Concentrated Long Absolute Fund, LP, each of whom is a security holder of the Issuer. Glenhill Overseas Management, LLC is investment advisor to Glenhill Capital Overseas Master Fund, LP, a security holder of the issuer. Item 2(b). Address of Principal Business Office or, if none, Residence: 598 Madison Avenue, 12th Floor New York, NY 10022 Item 2(c). Citizenship: See the response(s) to Item 4 on the attached cover page(s). Item 2(d). Title of Class of Securities: Common Stock Item 2(e). CUSIP Number: 338488109 Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a: Not Applicable Page 4 of 6 pages
Item 4. Ownership. (a). Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s). (b). Percent of Class: See the response(s) to Item 11 on the attached cover page(s). (c). Number of shares as to which the person has: (i). Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s). (ii). Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s). (iii). Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s). (iv). Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s). Item 5. Ownership of Five Percent or Less of a Class. Not Applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 5 of 6 pages
SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: October 16, 2006 GLENHILL ADVISORS, LLC By: /s/ GLENN J. KREVLIN ------------------------------------- Name: Glenn J. Krevlin Title: Managing Member /s/ GLENN J. KREVLIN ----------------------------------------- Name: Glenn J. Krevlin Page 6 of 6 pages