Form 13 G/A Filed by Glenhill Advisors LLC, Issuer Flamel Technologies, S.A., Filed 2007-02-14

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*


Flamel Technologies S.A.
-------------------------------------------------------------------------------
(Name of Issuer)


Common Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)


338488109
----------------------------------------
(CUSIP Number)

December 31, 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 OMD control number.

SEC 1745 (3-06)

Page 1 of 7 pages
 


------------------------------------------------
CUSIP No. 338488109
------------------------------------------------
 
------------------------------------------------------------------------------------------------------------------------------
1    Name 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 Instruction)
 
        (a)    [   ]
        (b)    [X]
------------------------------------------------------------------------------------------------------------------------------
3    SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4    Citizen or Place of Organization
 
        Delaware
------------------------------------------------------------------------------------------------------------------------------
Number of       5        Sole Voting Power              1,193,832
            ---------------------------------------------------------------------------------------------------------
Shares
 
Beneficially      6       Shared Voting Power          0
            ---------------------------------------------------------------------------------------------------------
Owned by
 
Each                           7       Sole Dispositive Power       1,193,832
            ---------------------------------------------------------------------------------------------------------
Reporting
 
Person With:             8       Shared Dispositive Power         0
------------------------------------------------------------------------------------------------------------------------------
 
9    Aggregate Amount Beneficially Owned by Each Reporting Person
 
        1,193,832
------------------------------------------------------------------------------------------------------------------------------
10       Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
11       Percent of Class Represented by Amount in Row (9)
 
              5.0%
------------------------------------------------------------------------------------------------------------------------------
12       Type of Reporting Person (See Instructions)
 
         IA, HC

Page 2of 7 pages
 


------------------------------------------------
CUSIP No. 338488109
------------------------------------------------
 
------------------------------------------------------------------------------------------------------------------------------
1    Name 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 Instruction)
 
        (a)    [   ]
        (b)    [X]
------------------------------------------------------------------------------------------------------------------------------
3    SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4    Citizen or Place of Organization
 
        United States
------------------------------------------------------------------------------------------------------------------------------
Number of                 5        Sole Voting Power          1,193,832
            ---------------------------------------------------------------------------------------------------------
Shares
 
Beneficially         6        Shared Voting Power                           0
            ---------------------------------------------------------------------------------------------------------
Owned by
 
Each                          7        Sole Dispositive Power      1,193,832
            ---------------------------------------------------------------------------------------------------------
Reporting
 
Person With:             8        Shared Dispositive Power                   0
------------------------------------------------------------------------------------------------------------------------------
 
9    Aggregate Amount Beneficially Owned by Each Reporting Person
 
        1,193,832
------------------------------------------------------------------------------------------------------------------------------
10       Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
11       Percent of Class Represented by Amount in Row (9)
 
              5.0%
------------------------------------------------------------------------------------------------------------------------------
12       Type of Reporting Person (See Instructions)
 
               HC


Page 3of 7 pages
 

------------------------------------------------
CUSIP No. 338488109
------------------------------------------------
 
------------------------------------------------------------------------------------------------------------------------------
1    Name of Reporting Persons
        I.R.S. Identification Nos. of above persons (entities only)
 
        Glenhill Capital Management, LLC
        13-4146739
------------------------------------------------------------------------------------------------------------------------------
2    Check the Appropriate Box if a Member of a Group (See Instruction)
 
        (a)    [   ]
        (b)    [X]
------------------------------------------------------------------------------------------------------------------------------
3    SEC Use Only
------------------------------------------------------------------------------------------------------------------------------
4    Citizen or Place of Organization
 
        Delaware
------------------------------------------------------------------------------------------------------------------------------
Number of        5        Sole Voting Power            0
            ---------------------------------------------------------------------------------------------------------
Shares
 
Beneficially            6        Shared Voting Power        1,193,832
            ---------------------------------------------------------------------------------------------------------
Owned by
 
Each                              7        Sole Dispositive Power          0
            ---------------------------------------------------------------------------------------------------------
Reporting
 
Person With:                 8        Shared Dispositive Power      1,193,832
------------------------------------------------------------------------------------------------------------------------------
 
9    Aggregate Amount Beneficially Owned by Each Reporting Person
 
        1,193,832
------------------------------------------------------------------------------------------------------------------------------
10       Check if the Aggregate Amount in Row (9) Excludes Certain Shares
        (See Instructions)       [ ]
------------------------------------------------------------------------------------------------------------------------------
11       Percent of Class Represented by Amount in Row (9)
 
        5.0%
------------------------------------------------------------------------------------------------------------------------------
12       Type of Reporting Person (See Instructions)
 
        IA, HC

Page 4of 7 pages
 


Item 1(a)
Name of Issuer
 
Flamel Technologies S.A.
   
Item 1(b)
Address of Issuers 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, Glenn J. Krevlin, and Glenhill Capital Management, LLC
 
Glenn J. Krevlin is the managing member and control person of Glenhill Advisors, LLC. Glenhill Advisors, LLC is the managing member of Glenhill Capital Management, LLC. Glenhill Capital Management, LLC is the general partner and investment advisor of Glenhill Capital LP, a security holder of the issuer, managing member of Glenhill Concentrated Long Master Fund, LLC, a security holder of the issuer, and sole shareholder of Glenhill Capital Overseas GP, Ltd. Glenhill Capital Overseas GP, Ltd. is general partner of 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 5of 7 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 direct the disposition of:
See the response(s) to Item 7 on the attached cover page(s).
 
(iv)       Shared power to dispose or 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 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 acquired and are held in the ordinary course of business and 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 6of 7 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:  February 14, 2007
                    GLENHILL ADVISORS, LLC
 
                    By: /s/ GLENN J. KREVLIN
                    Name: Glenn J. Krevlin
                    Title: Managing Member
 
 
                    GLENHILL CAPITAL MANAGEMENT, LLC
 
                    By: GLENHILL ADVISORS, LLC
                    Title: Managing Member
 
                    By: /s/ GLENN J. KREVLIN
                    Name: Glenn J. Krevlin
                    Title: Managing Member
 
 
                    /s/ GLENN J. KREVLIN
                    Name: Glenn J. Krevlin

Page 7of 7 pages