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

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of July 2003

Commission File Number 0-28508

Flamel Technologies
(Translation of registrant’s name into English)

Parc Club du Moulin à Vent
33 avenue du Dr. Georges Levy
69693 Vénissieux cedex France
(Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   [X] Form 40-F   [ ]

     Indicate by check mark whether registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [ ] No [X]

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_________

INDEX

			Page
Item. 1 Financial Statements (Unaudited)
	(a)     Condensed Consolidated Statements of Operations			3
		Six months ended June 30, 2003 and 2002
	(b)     Condensed Consolidated Statements of Operations			4
		Three months ended June 30, 2003 and 2002
	(c)     Condensed Consolidated Balance Sheets			5
		June 30, 2003 and December 31, 2002
	(d)     Condensed Consolidated Statements of Cash Flows			6
		Six months ended June 30, 2003 and 2002
	(e)     Consolidated Statement of Shareholders’ Equity			7
	(f)     Notes to Condensed Consolidated Financial Statements			8
Item. 2 Management’s Discussion and Analysis of				9
		Financial Condition and Results of Operations

2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of dollars except share data)

			Six months ended
			June 30,
			2002			2003
Revenue:
	License and research revenue		$	5,360		$	6,259
	Product sales and services			1,314			1,901
	Other revenue			535			372
		Total revenue		7,209			8,532
Costs and expenses:
	Cost of goods and services sold			(1,081	)		(1,811	)
	Research and development			(5,695	)		(8,525	)
	Selling, general and administrative			(1,791	)		(2,351	)
	Stock compensation expense			(10	)		(4	)
		Total costs and expenses		(8,577	)		(12,691	)
Profit (loss) from operations				(1,368	)		(4,159	)
Other income				2,396			1,007
Interest income, net				78			142
Foreign exchange gain (loss)				(147	)		(293	)
Income tax benefit				—			(21	)
Net profit (loss)			$	959		$	(3,324	)
Net profit (loss) per ordinary share			$	0.06		$	(0.20	)
Weighted average number of ordinary shares outstanding				16,198			16,327

See notes to unaudited condensed consolidated financial statements

3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands of dollars except share data)

			Three months ended
			June 30,
			2002			2003
Revenue:
	License and research revenue		$	2,994		$	4,297
	Product sales and services			1,094			864
	Other revenue			268			(162	)
		Total revenue		4,356			4,999
Costs and expenses:
	Cost of goods and services sold			(781	)		(717	)
	Research and development			(2,741	)		(4,682	)
	Selling, general and administrative			(860	)		(1,341	)
	Stock compensation expense			(5	)
		Total costs and expenses		(4,387	)		(6,740	)
Profit (loss) from operations				(31	)		(1,741	)
Other income				54			260
Interest income, net				61			62
Foreign exchange gain (loss)				(152	)		(210	)
Income tax benefit				(68	)		(21	)
Net profit (loss)			$	959		$	(1,650	)
Net profit (loss) per ordinary share			$	(0.00	)	$	(0.10	)
Weighted average number of ordinary shares outstanding				16,198			16,327

4

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands of dollars)

					December 31,			June 30,
					2002			2003
					(Note)			(Unaudited)
				ASSETS
Current assets:
	Cash and cash equivalents				$	14,527		$	11,649
	Accounts receivable					3,462			6,008
	Inventory					375			1,069
	Prepaid expenses and other current assets					347			936
			Total current assets			18,711			19,662
Property and equipment, net						3,405			3,431
Other assets:
	Research and development tax credit receivable					890			686
	Other long-term assets					70			77
			Total other assets			960			763
	Total assets				$	23,076		$	23,856
		LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
	Current portion of long-term debt				$	693		$	99
	Current portion of capital lease obligations					229			190
	Accounts payable					1,322			2,388
	Current portion of deferred revenue					1,805			2,826
	Accrued expenses					2,028			1,897
	Advances from customers					361			284
	Other current liabilities					71			112
			Total current liabilities			6,509			7,796
Long-term debt, less current portion						1,391			1,516
Other long-term liabilities						789			1,144
Deferred revenue, less current portion						1,952			2,678
Capital lease obligation, less current portion						149			81
	Total long-term liabilities					4,281			5,419
Shareholders’ equity:
	Ordinary shares					2,366			2,384
	Additional paid-in capital					71,178			71,854
	Accumulated deficit					(56,381	)		(59,704	)
	Deferred compensation					(14	)		(10	)
	Cumulative other comprehensive income					(4,863	)		(3,883	)
			Total shareholders’ equity			12,286			10,641
	Total liabilities and shareholders’ equity				$	23,076		$	23,856

Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.

See notes to unaudited condensed consolidated financial statements

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				Six months ended
				June 30,
				2002			2003
Cash flows from operating activities :
Net profit, (loss)				$	959		$	(3,323	)
Adjustments to reconcile net loss to net cash provided by operating activities :
	Depreciation and amortization				619			604
	Stock compensation expense				10			4
	(Gain) loss on disposal of property and equipment							(362	)
	(Gain) loss on recognition of grants							(769	)
	Increase (decrease) in cash from :
		Accounts receivable			4,596			(2,162	)
		Inventory			400			(638	)
		Prepaid expenses and other current assets			(75	)		(542	)
		Deferred revenue			(23	)		1,363
		Accounts payable			(48	)		916
		Accrued expenses			(1,616	)		(375	)
		Research and development tax credit receivable			1,416			274
		Other			109			138
			Net cash from, (used by) operating activities		6,346			(4,872	)
Cash flows from investing activities :
	Purchases of property and equipment				(817	)		(368	)
	Disposal of property and equipment							372
			Net cash used for investing activities		(817	)		4
Cash flows from financing activities :
	Proceeds of loans				—			135
	Cash proceeds from sale of ordinary shares				—			694
	Principal payments on loans and capital lease obligations				(212	)		(126	)
			Net cash provided by financing activities		(212	)		703
Effect of exchange rate changes on cash and cash equivalents					1,280			1,294
Net increase (decrease) in cash and cash equivalents					6,597			(2,871	)
Cash and cash equivalents, beginning of period					5,309			14,527
Cash and cash equivalents, end of period				$	11,906		$	11,649

6

CONDENSED CONSOLIDATED STATEMENTS
OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in thousands of dollars except share data)

	Ordinary Shares
					Additional								Cumulative
					Paid-In		Accumulated			Deferred			Translation			Shareholders'
	Shares		Amount		Capital		Deficit			Compensation			Adjustment			Equity
Balance January 1, 2003		16,197,590	$	2,366	$	71,178	$	(56,381	)	$	(14	)	$	(4,863	)	$	12,286
Issuance of ordinary shares at €4.75 ($5.50)		82,000		12		439											451
Issuance of ordinary shares at €2.78 ($3.21)		2,500				8											8
Issuance of ordinary shares at €4.88 ($5.76)		30,000		4		169											173
Issuance of ordinary shares at €5.95 ($7.02)		5,000		1		34											35
Issuance of ordinary shares at €2 ($2.75)		10,000		1		26											27
Amortization of deferred compensation											4						4
Net loss								(3,323	)								(3,323	)
Other comprehensive income Translation adjustment														980			980
Comprehensive income																	(2,343	)
Balance June 30, 2003		16,327,090	$	2,384	$	71,854	$	(59,704	)	$	(10	)	$	(3,883	)	$	10,641

7

FLAMEL TECHNOLOGIES S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES

1. ACCOUNTING POLICIES

     The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles for interim financial statements generally accepted in the United States. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Flamel Technologies S.A. (the “Company”), all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation have been included.

     The reporting currency of the Company is the U.S. dollar. The financial statements of the Company, whose functional currency is the Euro, have been translated into U.S. dollar equivalents using the period-end rate for asset and liability accounts, the weighted average rate for income and expense accounts, and historical rates for shareholders’ equity accounts. Corresponding translation gains or losses are recorded in shareholders’ equity.

     Operating results for the three months ended June 30, 2003 are not necessarily indicative of the results that may be expected for the year ending December 31, 2003. These condensed consolidated financial statements should be read in conjunction with the Company’s audited annual financial statements.

2. REVENUES

     2.1 LICENSE RESEARCH AND CONSULTING AGREEMENTS

     In accordance with the long-term research and product development agreement signed with Corning in December 1998, the Company received research and development payments of $192,000 during the first six months of 2003.

     In accordance with the license agreement signed with Servier in December 2001, the Company recognized research and development revenues of $895,000 and licensing fees of $1,100,000 for the first six months of 2003. The licensing fees include a milestone payment for $427,000 for results achieved in June 2003.

     In accordance with the license agreement signed with Beecham Pharmaceuticals (Pte) Limited in June 2002, the Company recognized licensing fees of $281,000 for the first 2003 six months of 2003.

     In accordance with the license agreement signed with SB Pharma Puerto Rico Inc. in March 2003, the Company recognized research and development revenues of $1,584,000 and licensing fees of $1,114,000 for the first six months of 2003. The licensing fees include a milestone payment for $943,000 for results achieved in June 2003.

     In accordance with the license agreement signed with Biovail in February 2003, the Company recognized licensing fees of $47,000 for the first six months of 2003.

     The Company received research and development payments on three feasibility studies with undisclosed partners for an amount of $989,000 for the first six months of 2003.

     2.2 OTHER REVENUES

     In accordance with the long-term research and product development agreement signed with Corning in December 1998, the Company recognized revenue of $313,000 corresponding to the royalties for the six months period ended June 30, 2003.

3. OTHER INCOME

     The Company recognized in February 2003 revenue of $376,000 from the sale of the equipments of its pilot plant of Vénissieux.

     The Company recognized in March 2003 a revenue of $768,000 from grants made by French public agencies linked to investments in the development of the Pessac facility, following the achievement of the conditions of those grants.

8

Item. 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Revenues for the six months ended June 30, 2003 increased to $8.5 million, compared to $7.2 million for the first half of 2002.

License and research revenue for the six months ended June 30, 2003 of $6.3 million included $2.7 million revenue from GlaxoSmithKline, $2.0 million from Servier, $1.0 million from feasibility studies with other partners and $0.2 million from the on going research collaboration with Corning. License and research revenue for the first half of 2002 largely consisted of revenues from Novo-Nordisk, Corning, and various undisclosed partners.

Other revenues for the six months ended June 30, 2003 consisted of royalties from Corning and the sale of equipment from the Company’s pilot plant in Venissieux. Other income included $0.7 million in French government grants. Other revenue in the first quarter of 2002 included $2.3 million received in settlement of litigation with the Welcome Foundation regarding Flamel’s long acting acyclovir product Genvir. Revenues from product sales and services were $1.9 million in the six months ended June 30, 2003, compared to $1.3 million in the first quarter of 2002, largely as a result of increased toll manufacturing.

Total operating costs for the six months ended June 30, 2003 amounted to $12.7 million, up from $8.6 million in the comparable half of 2002, largely as a result of the increased value of the Euro to the dollar and increases in clinical and preclinical studies. Research and Development costs for the first six months of 2003 increased to $8.5 million from $5.7 million in the first half of 2002, largely as a result of the exchange rate and clinical and preclinical trial expenses. Sales, General and Administrative costs increased to $2.4 million from $1.8 million in the first half of 2002, largely due to variation in exchange rates.

Overall, the Company had a loss of $3.3 million for the six months ended June 30, 2004, compared to a gain of $1.0 million in the comparable period in 2002.

As a result of fluctuations in the amount of quarterly revenues, which may arise from the signing of research collaborations, license agreements or other extraordinary transactions, interim results are not necessarily indicative of the operating results for the full year.

9

Liquidity and Capital Resources

On June 30, 2003, the Company had $11.6 million in cash, compared to $11.9 million in cash at the end of the first half of 2002.

Net cash from operating activities amounted to a decline of $2.9 million for the first six months of 2003 which is due primarily to the loss for the period, offset by increases in deferred revenue from the recent licensing agreements and exchange rates.

10

INFORMATION FILED WITH THIS REPORT

Document Index

3.1	Bylaws of Flamel Technologies as amended July 31, 2003.
99.1	Press release dated July 30, 2003 (“Flamel Technologies Announces Second Quarter Results, Achievement of Two Additional Milestones from Partners Due to Operating Success”).

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Flamel Technologies
Dated: August 15, 2003	By: /s/ Stephen H. Willard Name: Stephen H. Willard Title: Executive Vice President, Chief Financial Officer and General Counsel

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