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<P align="center"><FONT size="2"><B><B>As filed with the Securities and Exchange Commission on October 14, 2003</B></B>
</FONT>

<P align="right"><FONT size="2">Registration No.&nbsp;333-__________
</FONT>


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<P align="center"><FONT size="2"><B><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
________________________</B></B>
</FONT>

<P align="center"><FONT size="2"><B><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933<BR>
________________________</B></B>
</FONT>

<P align="center"><FONT size="3"><B><B>Flamel Technologies S.A.</B></B>
</FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT></DIV>

<P align="center"><FONT size="2">The Republic of France<BR>
(State or other jurisdiction of<BR>
incorporation or organization)
</FONT>
<P align="center"><FONT size="2">N/A<BR>
</FONT>
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<DIV align="center"><FONT size="2">(I.R.S. Employer Identification No.)
</FONT></DIV>
<P align="center"><FONT size="2">Parc Club du Moulin A Vent<BR>
33, avenue du Dr.&nbsp;Georges Levy<BR>
69693 Venissieux Cedex<BR>
FRANCE<BR>
<u>(33)&nbsp;4 72 78 34 34</u><BR>
(Address, including zip code, and telephone number,<BR>
including area code, of registrant&#146;s principal executive offices)
</FONT>
<P align="center"><HR size="1" noshade width="35%">
<P align="center"><FONT size="2">Employee Stock Option Plan<BR>
(Full title of the Plan)<BR>
</FONT>

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<DIV align="center"><FONT size="2">CT Corporation System<BR>
1633 Broadway<BR>
New York, New York 10019<BR>
(212)&nbsp;664-1666
</FONT></DIV>
<P align="center"><FONT size="2">(Name, address and telephone number, including area code, of agent for service)
</FONT>
<P align="center"><FONT size="2">Copy to:<BR>
Amy Bowerman Freed<BR>
Stephanie D. Marks<BR>
Hogan &#038; Hartson L.L.P.<BR>
111 S. Calvert Street<BR>
Baltimore, Maryland 21202<BR>
(410)&nbsp;659-2700<BR>
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&nbsp;&nbsp;&nbsp;
</FONT>
<P align="center"><FONT size="2"><B><B>CALCULATION OF REGISTRATION FEE</B></B>
</FONT>

<DIV align="center">
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="66%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
    </TR>
    <TR  valign="bottom">
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Amount</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>Amount of</B></FONT></TD>
    </TR>
    <TR  valign="bottom">
      <TD nowrap align="left"><FONT size="1"><B>Title of securities</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>to be</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>offering price</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>aggregate offering</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>registration</B></FONT></TD>
    </TR>
    <TR  valign="bottom">
      <TD nowrap align="left"><FONT size="1"><B>to be registered</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>registered (1)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>per share (2)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>price (2)</B></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center"><FONT size="1"><B>fee (2)</B></FONT></TD>
    </TR>
    <TR>
      <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">Ordinary Shares represented by American
        Depositary Shares</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> &nbsp; 100,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">$35.25</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">$3,525,000</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="center" valign="top"><FONT size="2">$285.17</FONT></TD>
    </TR>
    <TR>
      <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
    </TR>
  </TABLE>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(1)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Each Ordinary Share is represented by one American Depositary Share.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">(2)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Estimated solely for calculating the amount of
the registration fee pursuant to paragraphs (c)&nbsp;and (h)&nbsp;of
Rule&nbsp;457 promulgated under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;). The calculation of
the registration fee is based on $35.25, which was the average of the
high and low sales price of the American Depository Shares on the
Nasdaq National Market on October 10, 2003.
</FONT></TD>
</TR>
</TABLE>

<P>
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<DIV align="right">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">Exhibit&nbsp;Index Appears on page 5</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2">&nbsp;
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B><B>PART II</B><BR>
&nbsp;</B>
</FONT>

<P align="center"><FONT size="2"><B><B>INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B></B>
</FONT>

<P align="left"><FONT size="2">Item&nbsp;3.&nbsp;INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, filed with the Securities and Exchange Commission
(the &#147;Commission&#148;) are incorporated by reference into the Registration
Statement:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant&#146;s Annual Report on Form 20-F for the year ended
December&nbsp;31, 2002;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Reports
  of Foreign Issuer on Form 6-K pursuant to Rules&nbsp;13a-16 and 15d-16 filed
  with the Commission on April&nbsp;2, May&nbsp;9, July&nbsp;15, August&nbsp;15
  and September&nbsp;17, 2003; and </FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description
  of the Registrant&#146;s ordinary shares, nominal value approximately 0.122
  euro per share (the &#147;Ordinary Shares&#148;), and the American Depositary
  Shares representing the Ordinary Shares, contained in its Registration Statement
  on Form F-1 on April&nbsp;19, 1996, as amended, pursuant to the Securities Act.
  </FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by the Registrant with the Commission
pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 (the
&#147;Exchange Act&#148;) subsequent to the date of this Registration Statement and prior
to the filing of a post-effective amendment which indicates that all the
securities offered hereby have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof
from the date of the filing of such documents with the Commission. Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes hereof to the extent that a
statement contained herein (or in any other subsequently filed document which
also is incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed to
constitute a part hereof except as so modified or
superseded.
</FONT>
<P align="left"><FONT size="2">Item&nbsp;4.&nbsp;DESCRIPTION OF SECURITIES
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable
</FONT>
<P align="left"><FONT size="2">Item&nbsp;5.&nbsp;INTERESTS OF NAMED EXPERTS AND COUNSEL
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable
</FONT>
<P align="left"><FONT size="2">Item&nbsp;6.&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains liability insurance for its directors and
principal executive officers, including insurance against liabilities under
the Securities Act.
</FONT>
<P align="left"><FONT size="2">Item&nbsp;7.&nbsp;EXEMPTION FROM REGISTRATION CLAIMED
  </FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inapplicable
</FONT>
<P align="left"><FONT size="2">Item&nbsp;8.&nbsp;EXHIBITS
</FONT>

<DIV align="left">
  <table cellspacing="0" border="0" cellpadding="0" width="89%">
    <tr valign="bottom">
      <td width="9%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
      <td width="88%">&nbsp;</td>
    </tr>
    <tr valign="bottom">

<td valign="left"><div align="left"><font size="2">Exhibit&nbsp;No.</font></div></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="left" valign="top"><font size="2"> Description of Exhibits</font></td>
    </tr>
    <tr valign="bottom">
      <td valign="top"><div align="center"><font size="2">5.1</font></div></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="left" valign="top"><font size="2"> Opinion of Cariddi, Mee, Ru&#233;/Hogan
        &#038; Hartson L.L.P. regarding the legality of the securities being registered.</font></td>
    </tr>
    <tr valign="bottom">
      <td valign="top"><div align="center"><font size="2">23.1</font></div></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="left" valign="top"><font size="2"> Consent of Ernst &#038; Young
        Audit.</font></td>
    </tr>
    <tr valign="bottom">
      <td valign="top"><div align="center"><font size="2">23.2</font></div></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="left" valign="top"><font size="2"> Consent of Cariddi, Mee, Ru&#233;/Hogan
        &#038; Hartson L.L.P. (included in Exhibit&nbsp;5.1).</font></td>
    </tr>
    <tr valign="bottom">
      <td valign="top"><div align="center"><font size="2">24.1</font></div></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="left" valign="top"><font size="2"> Power of Attorney (reference
        is made to the signature page).</font></td>
    </tr>
  </table>
</DIV>


<P align="center"><FONT size="2">&nbsp;
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<P align="left"><FONT size="2">Item&nbsp;9.&nbsp;UNDERTAKINGS
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Registrant hereby undertakes:
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to
Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining any liability under the
Securities Act of1933, as amended, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</FONT>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, as amended, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the provisions set forth in
item 6 above, or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
</FONT>
<P align="center"><FONT size="2">3
</FONT>
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<P align="left"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements
  of the Securities Act, the Registrant certifies that it has reasonable grounds
  to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Registration Statement to be signed on its behalf by the
  undersigned, thereunto duly authorized, on this 13<sup>th</sup>&nbsp;day of October, 2003.
  </FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
FLAMEL TECHNOLOGIES S.A.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> By: /s/ Gerard Soula<hr noshade size=1></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerard Soula</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Executive</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer and Director</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2"><B><B>POWER OF ATTORNEY</B></B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned officers and directors of Flamel Technologies S.A.
hereby severally constitutes and appoints Gerard Soula as the attorney-in-fact
for the undersigned, in any and all capacities, with full power of
substitution, to sign any and all pre- or post-effective amendments to this
Registration Statement, any subsequent registration statement for the same
offering which may be filed pursuant to Rule 462(b) under the Securities Act of
1933, as amended, and any and all pre- or post- effective amendments thereto,
and to file the same with exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as
fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that each said attorney-in-fact may lawfully do or
cause to be done by virtue hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:
</FONT>
<DIV align="center">
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="31%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="16%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">Signature</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Title </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">Date</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;/s/ Gerard Soula</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> President, Chief Executive</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Gerard Soula</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Officer and Director, (Principal
        Financial Officer) </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13&nbsp;, 2003</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Chief Financial Officer,</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ </FONT><FONT size="2">&nbsp;Stephen
        H. Willard</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> General Counsel and Director,</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Stephen H. Willard</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> (Principal Financial Officer)
        </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13, 2003</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;/s/ Valerie Danaguezian</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Finance Controller, ( Principal</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Valerie Danaguezian</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Accounting Officer) </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13&nbsp;, 2003</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Raul Cesan</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Director </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ Jean-Noel Treilles</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Jean-Noel Treilles</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Director </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13, 2003</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">&nbsp;/s/ William Dearstyne</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        William Dearstyne</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Director </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13, 2003</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">/s/ &nbsp;Michel Greco</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size="2">
        <HR size="1" noshade>
        Michel Greco</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Director </FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2">October 13, 2003</FONT></TD>
    </TR>
  </TABLE>
</DIV>


<P align="center"><FONT size="2">4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><B><B>INDEX TO EXHIBITS</B></B>
</FONT>

<DIV align="center">
  <TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
    <TR valign="bottom">
      <TD width="12%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="83%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><FONT size="2">Exhibit&nbsp;No.</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Description of Exhibits</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><div align="center"><FONT size="2">5.1</FONT></div></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Opinion of Cariddi, Mee, Ru&#233;/Hogan
        &#038; Hartson L.L.P. regarding the legality of</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><div align="center"><FONT size="2">&nbsp;</FONT></div></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> the securities being registered.</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><div align="center"><FONT size="2">23.1</FONT></div></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Consent of Ernst &#038; Young
        Audit.</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><div align="center"><FONT size="2">23.2</FONT></div></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Consent of Cariddi, Mee, Ru&#233;/Hogan
        &#038; Hartson L.L.P. (included in Exhibit&nbsp;5.1).</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD valign="top"><div align="center"><FONT size="2">24.1</FONT></div></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="left" valign="top"><FONT size="2"> Power of Attorney (reference
        is made to the signature page).</FONT></TD>
    </TR>
  </TABLE>
</DIV>



<P align="center"><FONT size="2">5
</FONT>


</BODY>
</HTML>
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{"company-data": {"conformed-name": "FLAMEL TECHNOLOGIES SA", "cik": "0001012477", "assigned-sic": "2834", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-109693", "film-number": "03940302"}, "business-address": {"street1": "PARC CLUB DU MOULIN A VENT", "street2": "33 AVE DU DOCTEUR GEORGES LEVY", "city": "VENISSIEUX CED", "state": "I0", "zip": "69693", "phone": "2126641666"}}
sv8
As filed with the Securities and Exchange Commission on October 14, 2003
Registration No. 333-__________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
________________________
Flamel Technologies S.A.
(Exact name of registrant as specified in its charter)
The Republic of France
(State or other jurisdiction of
incorporation or organization)
N/A
(I.R.S. Employer Identification No.)
Parc Club du Moulin A Vent
33, avenue du Dr. Georges Levy
69693 Venissieux Cedex
FRANCE
(33) 4 72 78 34 34
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
Employee Stock Option Plan
(Full title of the Plan)
CT Corporation System
1633 Broadway
New York, New York 10019
(212) 664-1666
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Amy Bowerman Freed
Stephanie D. Marks
Hogan & Hartson L.L.P.
111 S. Calvert Street
Baltimore, Maryland 21202
(410) 659-2700
CALCULATION OF REGISTRATION FEE
Amount
Proposed maximum
Proposed maximum
Amount of
Title of securities
to be
offering price
aggregate offering
registration
to be registered
registered (1)
per share (2)
price (2)
fee (2)
Ordinary Shares represented by American
        Depositary Shares
100,000
$35.25
$3,525,000
$285.17
(1)
Each Ordinary Share is represented by one American Depositary Share.
(2)
Estimated solely for calculating the amount of
the registration fee pursuant to paragraphs (c) and (h) of
Rule 457 promulgated under the Securities Act of
1933, as amended (the "Securities Act"). The calculation of
the registration fee is based on $35.25, which was the average of the
high and low sales price of the American Depository Shares on the
Nasdaq National Market on October 10, 2003.
Exhibit Index Appears on page 5
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, filed with the Securities and Exchange Commission
(the "Commission") are incorporated by reference into the Registration
Statement:
(a) The Registrant's Annual Report on Form 20-F for the year ended
December 31, 2002;
(b) Reports
  of Foreign Issuer on Form 6-K pursuant to Rules 13a-16 and 15d-16 filed
  with the Commission on April 2, May 9, July 15, August 15
  and September 17, 2003; and
(c) The description
  of the Registrant's ordinary shares, nominal value approximately 0.122
  euro per share (the "Ordinary Shares"), and the American Depositary
  Shares representing the Ordinary Shares, contained in its Registration Statement
  on Form F-1 on April 19, 1996, as amended, pursuant to the Securities Act.
In addition, all documents filed by the Registrant with the Commission
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
"Exchange Act") subsequent to the date of this Registration Statement and prior
to the filing of a post-effective amendment which indicates that all the
securities offered hereby have been sold or which deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof
from the date of the filing of such documents with the Commission. Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes hereof to the extent that a
statement contained herein (or in any other subsequently filed document which
also is incorporated by reference herein) modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed to
constitute a part hereof except as so modified or
superseded.
Item 4. DESCRIPTION OF SECURITIES
Inapplicable
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Inapplicable
Item 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Registrant maintains liability insurance for its directors and
principal executive officers, including insurance against liabilities under
the Securities Act.
Item 7. EXEMPTION FROM REGISTRATION CLAIMED
Inapplicable
Item 8. EXHIBITS
Exhibit No.
Description of Exhibits
5.1
Opinion of Cariddi, Mee, Rué/Hogan
        & Hartson L.L.P. regarding the legality of the securities being registered.
23.1
Consent of Ernst & Young
        Audit.
23.2
Consent of Cariddi, Mee, Rué/Hogan
        & Hartson L.L.P. (included in Exhibit 5.1).
24.1
Power of Attorney (reference
        is made to the signature page).
Item 9. UNDERTAKINGS
1. The Registrant hereby undertakes:
(a) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the Registration Statement.
(b) That, for the purpose of determining any liability under the
Securities Act of1933, as amended, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
2. The Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, as amended, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
3. Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the provisions set forth in
item 6 above, or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
3
SIGNATURES
Pursuant to the requirements
  of the Securities Act, the Registrant certifies that it has reasonable grounds
  to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this Registration Statement to be signed on its behalf by the
  undersigned, thereunto duly authorized, on this 13
th
day of October, 2003.
FLAMEL TECHNOLOGIES S.A.
By: /s/ Gerard Soula
Gerard Soula
President, Chief Executive
Officer and Director
POWER OF ATTORNEY
Each of the undersigned officers and directors of Flamel Technologies S.A.
hereby severally constitutes and appoints Gerard Soula as the attorney-in-fact
for the undersigned, in any and all capacities, with full power of
substitution, to sign any and all pre- or post-effective amendments to this
Registration Statement, any subsequent registration statement for the same
offering which may be filed pursuant to Rule 462(b) under the Securities Act of
1933, as amended, and any and all pre- or post- effective amendments thereto,
and to file the same with exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as
fully to all intents and purposes as he might or could do in person, hereby
ratifying and confirming all that each said attorney-in-fact may lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:
Signature
Title
Date
/s/ Gerard Soula
President, Chief Executive
Gerard Soula
Officer and Director, (Principal
        Financial Officer)
October 13 , 2003
Chief Financial Officer,
/s/
Stephen
        H. Willard
General Counsel and Director,
Stephen H. Willard
(Principal Financial Officer)
October 13, 2003
/s/ Valerie Danaguezian
Finance Controller, ( Principal
Valerie Danaguezian
Accounting Officer)
October 13 , 2003
Raul Cesan
Director
/s/ Jean-Noel Treilles
Jean-Noel Treilles
Director
October 13, 2003
/s/ William Dearstyne
William Dearstyne
Director
October 13, 2003
/s/  Michel Greco
Michel Greco
Director
October 13, 2003
4
INDEX TO EXHIBITS
Exhibit No.
Description of Exhibits
5.1
Opinion of Cariddi, Mee, Rué/Hogan
        & Hartson L.L.P. regarding the legality of
the securities being registered.
23.1
Consent of Ernst & Young
        Audit.
23.2
Consent of Cariddi, Mee, Rué/Hogan
        & Hartson L.L.P. (included in Exhibit 5.1).
24.1
Power of Attorney (reference
        is made to the signature page).
5