**Exhibit
      4.32.2**


Stamp:


STAMP
      DUTY


Ministry
      of Economy and Finance Euro 14,62


Tax
      Office








**COMMERCIAL
      LEASE AGREEMENT**




Pursuant
      to article 1571 and following of the Civil Code and Law 392/1978.




FINSIRTON
      SPA, resident in VILLA GUARDIA, Piazza XX Settembre, 2, Tax Code 02827580131,
      Lessor, LEASES THE FOLLOWING PROPERTY, FOR COMMERCIAL USE, to GENTIUM SPA,
      domiciled in the premises of the lease agreement, tax code 02098100130,
      Lessee,




WHO
      ACCEPTS:




The
      property unit situated in VILLA GUARDIA, Piazza XX Settembre, 2, with a total
      area of 607 sq. meters, the cadastral details of which are indicated under
      n.  sheet  category
      /




**TERMS
      AND CONDITIONS**




1)
      The
      lease will have a duration of 6 years, starting from 01/01/07 until 31/12/13,
      after which the agreement will be renewed for another period of 6
      years.




The
      Lessee has/does not have the faculty to terminate the agreement at an earlier
      date, pursuant to art. 27, 7 th point of
      Law 392/1978.




2)
      The
      price for the lease has been fixed in Euro 30,350.00 on an annual basis. The
      price will be paid in 2 advanced six-month installments of Euro 15,175.00 each,
      at a the premises of FISIRTON SPA.




3)
      Pursuant to art. 32 of Law 392/1978, the Parties agree that, on request of
      the
      Lessor, the rent will be updated annually by 75% of the workers and clerks
      consumer prices index variations, as published by the ISTAT (Central Statistics
      Institute).




4)
      The
      Lessee must not delay the payment of the installments and accessory charges
      over
      the terms laid down in the norms in force, and will have the faculty to enforce
      its rights or exceptions only after the payment of the installments
      due.




5)
      The
      premises leased are intended for use only as laboratories, warehouses, offices
      and IT. It is forbidden to sublet or assign the above premises, even partially,
      or to change their intended use. For the purposes laid down in articles 34,
      35,
      37 and following of Law 392/1978, the Lessee declares that the property will
      be
      used for activities which involve/do not involve direct contact with the
      public.




6)
      For
      the purposes laid down in art. 27, 8 th point of
      Law 392/1978, it is declared that the refusal of the authorizations or permits
      requested by the laws in force with regard to the activity carried out by the
      Lessee may constitute one of the reasons for contract termination.









7)
      The
      Lessor declares that the property is in compliance with the building and town
      planning norms, since it obtained the building permit and dwelling license
      required.




8)
      The
      Lessee declares that it was informed that, prior to the current lease, the
      property was not intended for use as dwelling.




9)
      The
      Lessee declares that it has examined the leased premises and that it has found
      them fit for use and in good condition. The Lessee undertakes to return them
      in
      the same condition at the end of the agreement. The Lessee cannot make any
      additions - unless the same can be removed at any time without damaging the
      premises - or any innovations without the prior written consent of the owner.
      The Lessee will undertake all ordinary maintenance repairs, namely, those to
      be
      carried out with regard to water, gas, light and sanitaryware systems, locks
      and
      keys, the hinges of door or window frames, the surfaces of walls, ceilings
      and
      door or window frames, floor and wall tiles.




10)
      The
      Lessee expressly exonerates the Lessor from all responsibility regarding any
      direct or indirect damages which may arise from acts or omissions by other
      tenants in the building or third parties, even if they were made possible or
      helped by the absence or lack of attention on the part of the
      janitor.




11)
      The
      Lessee undertakes to comply, on its behalf and on behalf of its family members
      and employees, with the internal regulations of the building and, in any case,
      with the regulations of good conduct with the neighbors and of civil living,
      which the Lessee declares to know and accept.




12)
      The
      Lessor declines all responsibility in the case of interruptions in services
      due
      to causes independent of its will.




13)
      The
      charge of the heating costs will be made taking into account the surface area
      occupied.




14)
      The
      Lessor has the right to inspect or order the inspection of the rented premises
      at any time.




15)
      Non-compliance with any of the covenants contained in the present agreement
      on
      the part of the Lessor, will cause, *ipso
      jure* ,
      the
      termination of the lease agreement.




16)
      Any
      possible sum deposited by the Lessor as warranty for damage will be kept as
      caution money, in compliance with the laws in force, and it will be repaid
      after
      the premises have been returned to the Lessor in their regular condition. The
      above sum cannot be accounted for as an advance on the installments. On request
      of one of the Parties, the deposit can/cannot be increased or decreased in
      proportion to the variations in the lease installments. If used, the deposit
      must be reconstituted.




17)
      The
      duty stamp for the agreement and quittances, the registry tax required by law,
      the heating costs, ordinary maintenance expenses and all service expenses will
      be paid by the Lessor.




18)
      The
      clauses of the present deed are valid and effective between the Parties unless
      derogated or modified by any applicable special laws on leasing.









19)
      The
      registration of the agreement will be the responsibility of the
      Lessor/Lessee.





THE
                LESSOR
              FINSIRTON
                S.p.A.
              The
                Chairperson
              (Dr.
                Laura Iris Ferro)
              /s/
                Laura Ferro
            THE
                LESSEE
              GENTIUM
                S.p.A.
              Administration
                and Finance
              (Dr.
                Salvatore Calabrese)
              /s/
                Salvatore Calabrese




We
      accept
      the agreement, and expressly articles from n. 1 to n. 19.




THE
                LESSOR
              FINSIRTON
                S.p.A.
              The
                Chairperson
              (Dr.
                Laura Iris Ferro)
              /s/
                Laura Ferro
            THE
                LESSEE
              GENTIUM
                S.p.A.
              Administration
                and Finance
              (Dr.
                Salvatore Calabrese)
              /s/
                Salvatore Calabrese





WITH
      REGARD TO VAT APPLICATION, THE PARTIES HAVE SELECTED THE OPTION PURSUANT TO
      LAW
      DECREE 223/2006, POINT 10 QUINQUIES.




Stamp:




The
      original deed was registered in Como on 31/01/07 under n. 976 S3




Paid
      Euro
      310,94 (three hundred ten point 94).




THE
      DIRECTOR




Signature
      illegible.