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OMB
APPROVAL
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OMB
Number: 3235-0145
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Expires:
February 28, 2009
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Estimated
average burden
Hours
per response 10.4
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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
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------------------------------------------------
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CUSIP
No. 338488109
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------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------
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1 Name
of Reporting Persons
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I.R.S. Identification Nos. of above persons (entities
only)
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Glenhill Advisors, LLC
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13-4153005
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------------------------------------------------------------------------------------------------------------------------------
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2 Check
the Appropriate Box if a Member of a Group (See
Instruction)
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(a) [
]
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(b) [X]
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------------------------------------------------------------------------------------------------------------------------------
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3 SEC
Use Only
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------------------------------------------------------------------------------------------------------------------------------
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4 Citizen
or Place of Organization
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Delaware
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------------------------------------------------------------------------------------------------------------------------------
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Number
of 5 Sole
Voting Power
1,193,832
|
|
---------------------------------------------------------------------------------------------------------
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Shares
|
|
Beneficially
6 Shared
Voting Power
0
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---------------------------------------------------------------------------------------------------------
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Owned
by
|
|
Each
7 Sole
Dispositive Power 1,193,832
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---------------------------------------------------------------------------------------------------------
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Reporting
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Person
With:
8 Shared
Dispositive Power 0
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------------------------------------------------------------------------------------------------------------------------------
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9 Aggregate
Amount Beneficially Owned by Each Reporting
Person
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1,193,832
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------------------------------------------------------------------------------------------------------------------------------
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10
Check
if the Aggregate Amount in Row (9) Excludes Certain
Shares
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(See Instructions) [
]
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------------------------------------------------------------------------------------------------------------------------------
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11
Percent
of Class Represented by Amount in Row (9)
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5.0%
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------------------------------------------------------------------------------------------------------------------------------
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12 Type
of Reporting Person (See Instructions)
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IA, HC
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Page
2of 7
pages
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------------------------------------------------
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CUSIP
No. 338488109
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------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------
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1 Name
of Reporting Persons
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I.R.S. Identification Nos. of above persons (entities
only)
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Glenn J. Krevlin
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------------------------------------------------------------------------------------------------------------------------------
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2 Check
the Appropriate Box if a Member of a Group (See
Instruction)
|
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(a) [
]
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(b) [X]
|
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------------------------------------------------------------------------------------------------------------------------------
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3 SEC
Use Only
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------------------------------------------------------------------------------------------------------------------------------
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4 Citizen
or Place of Organization
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United States
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------------------------------------------------------------------------------------------------------------------------------
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Number
of
5 Sole
Voting Power
1,193,832
|
|
---------------------------------------------------------------------------------------------------------
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Shares
|
|
Beneficially
6 Shared
Voting
Power
0
|
|
---------------------------------------------------------------------------------------------------------
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|
Owned
by
|
|
Each
7 Sole
Dispositive Power
1,193,832
|
|
---------------------------------------------------------------------------------------------------------
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Reporting
|
|
Person
With:
8 Shared
Dispositive
Power 0
|
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------------------------------------------------------------------------------------------------------------------------------
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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) [
]
|
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------------------------------------------------------------------------------------------------------------------------------
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11
Percent
of Class Represented by Amount in Row (9)
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5.0%
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------------------------------------------------------------------------------------------------------------------------------
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12
Type
of Reporting Person (See Instructions)
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HC
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Page
3of 7
pages
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------------------------------------------------
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CUSIP
No. 338488109
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------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------
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1 Name
of Reporting Persons
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I.R.S. Identification Nos. of above persons (entities
only)
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Glenhill Capital Management, LLC
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13-4146739
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------------------------------------------------------------------------------------------------------------------------------
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2 Check
the Appropriate Box if a Member of a Group (See
Instruction)
|
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(a) [
]
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(b) [X]
|
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------------------------------------------------------------------------------------------------------------------------------
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3 SEC
Use Only
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------------------------------------------------------------------------------------------------------------------------------
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4 Citizen
or Place of Organization
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Delaware
|
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------------------------------------------------------------------------------------------------------------------------------
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Number
of 5 Sole
Voting Power 0
|
|
---------------------------------------------------------------------------------------------------------
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Shares
|
|
Beneficially 6 Shared
Voting Power 1,193,832
|
|
---------------------------------------------------------------------------------------------------------
|
|
Owned
by
|
|
Each
7 Sole
Dispositive Power
0
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---------------------------------------------------------------------------------------------------------
|
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Reporting
|
|
Person
With:
8 Shared
Dispositive Power 1,193,832
|
|
------------------------------------------------------------------------------------------------------------------------------
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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) [
]
|
|
------------------------------------------------------------------------------------------------------------------------------
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11
Percent
of Class Represented by Amount in Row (9)
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5.0%
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------------------------------------------------------------------------------------------------------------------------------
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12
Type
of Reporting Person (See Instructions)
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|
IA,
HC
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Page
4of 7
pages
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Item
1(a)
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Name
of Issuer
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Flamel
Technologies S.A.
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Item
1(b)
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Address
of Issuers Principal Executive Offices:
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Parc
Club du Moulin a Vent
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33
avenue du Dr. Georges Levy
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| 69693 Venissieux cedex France | |
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Item
2(a)
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Name
of Persons Filing:
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Glenhill
Advisors, LLC, Glenn J. Krevlin, and
Glenhill Capital Management, LLC
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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.
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Item
2(b)
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Address
of Principal Business Office or, if none
Residence:
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598
Madison Avenue, 12th
Floor
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New
York, NY 10022
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Item
2(c)
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Citizenship:
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See
the response(s) to Item 4 on the attached cover
page(s).
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Item
2(d)
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Title
of Class of Securities:
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Common
Stock
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Item
2(e)
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CUSIP
Number:
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338488109
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Item
3
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If
this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b)
or (c),
check whether the person filing is a:
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Not
Applicable
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Page
5of 7
pages
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Item
4 Ownership
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(a)
Amount
Beneficially owned:
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See
the response(s) to Item 9 on the attached cover
page(s).
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(b)
Percent
of Class:
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See
the response(s) to Item 11 on the attached cover
page(s).
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(c)
Number
of shares as to which the person has:
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(i)
Sole
power to vote or to direct the vote:
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See
the response(s) to Item 5 on the attached cover
page(s).
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(ii)
Shared
power to vote or to direct the vote:
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See
the response(s) to Item 6 on the attached cover
page(s).
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(iii)
Sole
power to dispose or direct the disposition of:
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See
the response(s) to Item 7 on the attached cover
page(s).
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(iv)
Shared
power to dispose or direct the disposition of:
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See
the response(s) to Item 8 on the attached cover
page(s).
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Item
5 Ownership
of five percent or less of a class.
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Not
Applicable
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Item
6 Ownership
of more than five percent on behalf of another
person.
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Not
Applicable
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Item
7 Identification
and Classification of the Subsidiary which acquired the Security
being
reported by the Parent Holding Company.
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Not
Applicable
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Item
8 Identification
and Classification of Members of the Group.
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Not
Applicable
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Item
9 Notice
of Dissolution of Group.
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Not
Applicable
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Item
10
Certification
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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
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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
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GLENHILL
ADVISORS, LLC
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By:
/s/
GLENN J. KREVLIN
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Name: Glenn
J. Krevlin
|
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Title: Managing
Member
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GLENHILL
CAPITAL MANAGEMENT, LLC
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By: GLENHILL
ADVISORS, LLC
|
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Title: Managing
Member
|
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By:
/s/
GLENN J. KREVLIN
|
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Name: Glenn
J. Krevlin
|
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Title: Managing
Member
|
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/s/
GLENN J. KREVLIN
|
|
Name:
Glenn J. Krevlin
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Page
7of 7
pages