<PAGE>
-------------------------------
OMB APPROVAL
-------------------------------
OMB Number: 3235-0145
Expires: December 31, 1997
Estimated average burden
hours per response.....14.90
-------------------------------
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)
Ordinary Shares, nominal value 0.80 French franc per
share, represented by American Depositary
Shares
(Title of Class of Securities)
338488 10 9
(CUSIP Number)
*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 on 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).
Page 1 of 5 Pages
<PAGE>
- -------------------------- ---------------------------
CUSIP No. 338488 10 9 13G Page 2 of 5 Pages
--------------- ----- -----
- -------------------------- ---------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Hemera II et CIE
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
1,015,349
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,015,349
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,015,349
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.35%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a). Name of Issuer:
- ---------- --------------
Flamel Technologies S.A. (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
- ---------- -----------------------------------------------
Parc Club du Moulin a Vent
33, avenue du Docteur Georges Levy
69693 Venissieux France
Items 2(a) Name of Person Filing; Address of Principal
and (b). Business Office:
- ---------- -------------------------------------------
This statement is filed by and on behalf of
Hemera II et CIE ("Hemera"). The business
address of Hemera is c/o Electra Fleming &
Associes, 31, rue de Lisbonne, 75008 Paris,
France.
Item 2(c). Citizenship:
- ---------- -----------
Not Applicable
Item 2(d). Title of Class of Securities:
- ---------- ----------------------------
Ordinary Shares, nominal value 0.80 French
franc per share ("Ordinary Shares"),
represented by American Depositary Shares
Item 2(e). CUSIP Number:
- ---------- ------------
338488 10 9
Item 3. Not Applicable
- -------
Item 4. Ownership:
- ------- ---------
(a) 1,015,349 Ordinary Shares, as of
December 31, 1996.
Page 3 of 5 Pages
<PAGE>
(b) 9.35%
This calculation includes all
outstanding Ordinary Shares of the
Issuer, whether or not represented by
American Depositary Shares.
(c) (i) 1,015,349
(ii) -0-
(iii) 1,015,349
(iv) -0-
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:
- -------- -------------
Not Applicable
Page 4 of 5 Pages
<PAGE>
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.
HEMERA II ET CIE
By: Electra Fleming & Associes,
its General Partner
By: /s/ Jean Ducroux
__________________________
Name: Jean Ducroux
Title: Chairman and Chief
Executive Officer
Dated: February 21, 1997
Page 5 of 5 Pages
<PAGE>