Exhibit 10.2


NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.


                   AMERICAN DEPOSITARY SHARES PURCHASE WARRANT

                 To Purchase 60,951 American Depositary Shares,
                 each representing one share of Common Stock of

                                 GENTIUM S.p.A.

     THIS AMERICAN DEPOSITARY SHARE PURCHASE WARRANT (the "Warrant") certifies
that, for value received, Chaumiere Consultadoria e Servicos Lda (the "Holder"),
is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after April 3, 2005 (the
"Initial Exercise Date") and on or prior to the close of business on the
five-year anniversary of the Initial Exercise Date (the "Termination Date") but
not thereafter, to subscribe for and purchase from Gentium S.p.A., an Italian
corporation (the "Company"), up to 60,951 American Depositary Shares, (the
"Warrant Shares") each representing one share of Common Stock, par value
(euro)1.00 per share, of the Company (the "Common Stock"), which American
Depositary Shares ("ADSs") will be issued pursuant to the Deposit Agreement,
dated June 15, 2005, with Bank of New York, as Depositary. The Warrant Shares
shall be evidenced by American Depositary Receipts ("ADRs"). Each ADS shall
represent one share of Common Stock, and such ratio shall be deemed to be
maintained for all purposes hereunder, and to the extent such ratio is not
maintained, the adjustments pursuant to Section 3 hereof shall be adjusted to
take into account any such change to such ratio. The purchase price of one ADS
under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b). This Warrant shall only be effective upon the Shareholder Approval. Not
withstanding the foregoing, all time periods measured hereunder shall begin at
the Closing Date.



     Section 1. Definitions. Capitalized terms used and not otherwise defined
herein shall have the meanings set forth in that certain Securities Subscription
Agreement (the "Purchase Agreement"), dated October 3, 2005, among the Company
and the purchasers signatory thereto.



                                       1
<PAGE>

     Section 2. Exercise.

     a) Exercise of Warrant. Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part (provided that the exercise is for at
least that number of shares of Common Stock represented by one ADS), at any time
or times on or after the Initial Exercise Date and on or before the Termination
Date by delivery to the Company of a duly executed facsimile copy of the Notice
of Exercise Form annexed hereto; provided, however, within 5 Trading Days of the
date said Notice of Exercise is delivered to the Company, if this Warrant is
exercised in full, the Holder shall have surrendered this Warrant to the Company
and the Company shall have received payment of the aggregate Exercise Price of
the shares thereby purchased by wire transfer or cashier's check drawn on a
United States bank. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until
the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of
Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise Form within 1
Trading Day of receipt of such notice. In the event of any dispute or
discrepancy, the records of the Holder shall be controlling and determinative in
the absence of manifest error. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time
may be less than the amount stated on the face hereof.

     b) Exercise Price. The exercise price under this Warrant shall be $9.69,
subject to adjustment hereunder (the "Exercise Price").

     c) Holder's Restrictions. The Company shall not effect any exercise of this
Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, to the extent that after giving effect to such issuance after exercise,
such Holder (together with such Holder's affiliates, and any other person or
entity acting as a group together with such Holder or any of such Holder's
affiliates), as set forth on the applicable Notice of Exercise, would
beneficially own in excess of 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to such issuance. For purposes of
the foregoing sentence, the number of shares of Common Stock beneficially owned
by such Holder and its affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (A) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by such
Holder or any of its affiliates and (B) exercise or conversion of the
unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Preferred Stock or Warrants) subject
to a limitation on conversion or exercise analogous to the limitation contained
herein



                                       2
<PAGE>

beneficially owned by such Holder or any of its affiliates. Except as set forth
in the preceding sentence, for purposes of this Section 2(c)(i), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged
by a Holder that the Company is not representing to such Holder that such
calculation is in compliance with Section 13(d) of the Exchange Act and such
Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this
Section 2(c) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by such Holder) and of which a portion of
this Warrant is exercisable shall be in the sole discretion of a Holder, and the
submission of a Notice of Exercise shall be deemed to be each Holder's
determination of whether this Warrant is exercisable (in relation to other
securities owned by such Holder) and of which portion of this Warrant is
exercisable, in each case subject to such aggregate percentage limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such
determination. In addition, a determination as to any group status as
contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(c), in determining the number of outstanding shares of Common
Stock, a Holder may rely on the number of outstanding shares of Common Stock as
reflected in (x) the Company's Form F-1, as amended, (y) a more recent public
announcement by the Company or (z) any other notice by the Company or the
Company's Transfer Agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall
within two Trading Days confirm orally and in writing to such Holder the number
of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant,
by such Holder or its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The provisions of this
paragraph shall be implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(c) to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended 4.99%
beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such 4.99%
limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant. The holders of Common Stock of the Company
shall be third party beneficiaries of this Section 2(c) and the Company may not
waive this Section 2(c) without the consent of holders of a majority of its
Common Stock.

     d) Mechanics of Exercise.

          i. Authorization of Warrant Shares. The Company covenants that all
     Warrant Shares (and all shares of Common Stock represented by such Warrant
     Shares) that may be issued upon the exercise of the purchase rights
     represented by this Warrant will, upon exercise of the purchase rights
     represented by this Warrant, be duly authorized, validly issued, fully paid
     and nonassessable and free from all taxes, liens and charges in respect of
     the issue thereof (other than taxes in respect of any transfer occurring
     contemporaneously with such issue).



                                       3
<PAGE>

          ii. Delivery of Certificates Upon Exercise. ADSs representing shares
     purchased hereunder shall be transmitted to the Holder by crediting the
     account of the Holder's prime broker with the Depository Trust Company
     through its Deposit Withdrawal Agent Commission ("DWAC") system, if
     available, and otherwise by physical delivery of the ADRs representing such
     Warrant Shares to the address specified by the Holder in the Notice of
     Exercise within 3 Trading Days from the delivery to the Company of the
     Notice of Exercise Form, surrender of this Warrant (if required) and
     payment of the aggregate Exercise Price as set forth above ("Warrant Share
     Delivery Date"). This Warrant shall be deemed to have been exercised on the
     date the Exercise Price is received by the Company. The Warrant Shares
     (represented by the ADRs) shall be deemed to have been issued, and Holder
     or any other person so designated to be named therein shall be deemed to
     have become a holder of record of such shares for all purposes, as of the
     date the Warrant has been exercised by payment to the Company of the
     Exercise Price and all taxes required to be paid by the Holder, if any,
     pursuant to Section 2(d)(vii) prior to the issuance of such shares, have
     been paid.

          iii. Delivery of New Warrants Upon Exercise. If this Warrant shall
     have been exercised in part, the Company shall, at the request of a Holder
     and upon surrender of this Warrant certificate, at the time of delivery of
     the certificate or certificates representing Warrant Shares, deliver to
     Holder a new Warrant evidencing the rights of Holder to purchase the
     unpurchased Warrant Shares called for by this Warrant, which new Warrant
     shall in all other respects be identical with this Warrant.

          iv. Rescission Rights. If the Company fails to cause its transfer
     agent to transmit to the Holder a certificate or certificates representing
     the Warrant Shares pursuant to this Section 2(d)(iv) by the Warrant Share
     Delivery Date, then the Holder will have the right to rescind such
     exercise.

          v. Compensation for Buy-In on Failure to Timely Deliver Certificates
     Upon Exercise. In addition to any other rights available to the Holder, if
     the Company fails to cause its transfer agent to transmit to the Holder a
     certificate or certificates representing the Warrant Shares pursuant to an
     exercise on or before the Warrant Share Delivery Date, and if after such
     date the Holder is required by its broker to purchase (in an open market
     transaction or otherwise) ADSs to deliver in satisfaction of a sale by the
     Holder of the Warrant Shares which the Holder anticipated receiving upon
     such exercise (a "Buy-In"), then the Company shall (1) pay in cash to the
     Holder the amount by which (x) the Holder's total purchase price (including
     brokerage commissions, if any) for the ADSs so purchased exceeds (y) the
     amount obtained by multiplying (A) the number of Warrant Shares that the
     Company was required to deliver to the Holder in connection with the
     exercise at issue times (B) the price at which the



                                       4
<PAGE>

     sell order giving rise to such purchase obligation was executed, and (2) at
     the option of the Holder, either reinstate the portion of the Warrant and
     equivalent number of Warrant Shares for which such exercise was not honored
     or deliver to the Holder the number of ADSs that would have been issued had
     the Company timely complied with its exercise and delivery obligations
     hereunder. For example, if the Holder purchases ADSs having a total
     purchase price of $11,000 to cover a Buy-In with respect to an attempted
     exercise of ADSs with an aggregate sale price giving rise to such purchase
     obligation of $10,000, under clause (1) of the immediately preceding
     sentence the Company shall be required to pay the Holder $1,000. The Holder
     shall provide the Company written notice indicating the amounts payable to
     the Holder in respect of the Buy-In, together with applicable confirmations
     and other evidence reasonably requested by the Company. Nothing herein
     shall limit a Holder's right to pursue any other remedies available to it
     hereunder, at law or in equity including, without limitation, a decree of
     specific performance and/or injunctive relief with respect to the Company's
     failure to timely deliver certificates representing shares of Common Stock
     upon exercise of the Warrant as required pursuant to the terms hereof.

          vi. No Fractional Shares or Scrip. No fractional shares or scrip
     representing fractional shares shall be issued upon the exercise of this
     Warrant. As to any fraction of a share which Holder would otherwise be
     entitled to purchase upon such exercise, the Company shall pay a cash
     adjustment in respect of such final fraction in an amount equal to such
     fraction multiplied by the Exercise Price.

          vii. Charges, Taxes and Expenses. Issuance of certificates for Warrant
     Shares (including the ADRs) shall be made without charge to the Holder for
     any issue or transfer tax, or fees or expenses of Bank of New York (as
     depositary) for such issuance, or other incidental expense in respect of
     the issuance of such certificate, all of which taxes, fees and expenses
     shall be paid by the Company, and such certificates shall be issued in the
     name of the Holder or in such name or names as may be directed by the
     Holder; provided, however, that in the event certificates for Warrant
     Shares are to be issued in a name other than the name of the Holder, this
     Warrant when surrendered for exercise shall be accompanied by the
     Assignment Form attached hereto duly executed by the Holder; and the
     Company may require, as a condition thereto, the payment of a sum
     sufficient to reimburse it for any transfer tax incidental thereto.

          viii. Closing of Books. The Company will not close its stockholder
     books or records in any manner which prevents the timely exercise of this
     Warrant, pursuant to the terms hereof.

     e) Call Provision. Subject to the provisions of Section 2(c) and this
Section 2(e), if, after the Effective Date (i) the VWAP for each of 30
consecutive Trading Days



                                       5
<PAGE>

(the "Measurement Period", which 30 Trading Day period shall not have commenced
until after the Effective Date) exceeds $21.00 (subject to adjustment for
forward and reverse stock splits, recapitalizations, stock dividends and the
like after the Initial Exercise Date) (the "Threshold Price") and (ii) the
average daily volume for any Threshold Period, which Threshold Period shall have
commenced only after the Effective Date, exceeds 50,000 ADSs per Trading Day
(subject to adjustment for forward and reverse stock splits, recapitalizations,
stock dividends and the like after the Initial Exercise Date), then the Company
may, within five Trading Days of the end of such period, elect to effect a
mandatory exercise of all or any portion of this Warrant for which a Notice of
Exercise has not yet been delivered (such right, a "Call"). To exercise this
right, the Company must deliver to the Holder an irrevocable written notice (a
"Call Notice"), indicating therein the portion of unexercised portion of this
Warrant to which such notice applies. Upon delivery of such Call Notice, all or
any unexercised portion of this Warrant shall be deemed converted into Warrant
Shares at 6:30 p.m. (New York City time) on the tenth Trading Day after the date
the Call Notice is received by the Holder (such date, the "Call Date").

     Section 3. Certain Adjustments.

     a) Stock Dividends and Splits. If the Company, at any time while this
Warrant is outstanding: (A) pays a stock dividend or otherwise make a
distribution or distributions on shares of its Common Stock or any other equity
or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the
Company pursuant to this Warrant), (B) subdivides outstanding shares of Common
Stock into a larger number of shares, (C) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares,
or (D) issues by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then in each case the Exercise Price shall be
multiplied by a fraction of which the numerator shall be the number of shares of
Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event and the number of Warrant Shares
issuable upon exercise of this Warrant shall be proportionately adjusted. Any
adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

     b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as
applicable, at any time while this Warrant is outstanding, shall offer, sell,
grant any option to purchase or offer, sell or grant any right to reprice its
securities, or otherwise dispose of or issue (or announce any offer, sale, grant
or any option to purchase or other disposition) any Common Stock or Common Stock
Equivalents entitling any Person to acquire shares of Common Stock, at an
effective price per share less than the then Exercise Price (such lower price,
the "Base Share Price" and such issuances collectively, a "Dilutive Issuance"),
as adjusted hereunder (if the holder of the Common Stock or Common Stock
Equivalents so issued shall at any time, whether by operation of purchase



                                       6
<PAGE>

price adjustments, reset provisions, floating conversion, exercise or exchange
prices or otherwise, or due to warrants, options or rights per share which is
issued in connection with such issuance, be entitled to receive shares of Common
Stock at an effective price per share which is less than the Exercise Price,
such issuance shall be deemed to have occurred for less than the Exercise Price
on such date of the Dilutive Issuance), then the Exercise Price shall be reduced
and only reduced to equal the Base Share Price and the number of Warrant Shares
issuable hereunder shall be increased such that the aggregate Exercise Price
payable hereunder, after taking into account the decrease in the Exercise Price,
shall be equal to the aggregate Exercise Price prior to such adjustment;
provided, however, the Exercise Price shall not be adjusted pursuant to this
Section 3(b) to less than $7.49(1), subject to adjustment for reverse and
forward stock splits, stock dividends, stock combinations and other similar
transactions of the Common Stock that occur after the date of this Agreement.
Such adjustment shall be made whenever such Common Stock or Common Stock
Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be
made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.
The Company shall notify the Holder in writing, no later than the Trading Day
following the issuance of any Common Stock or Common Stock Equivalents subject
to this section, indicating therein the applicable issuance price, or of
applicable reset price, exchange price, conversion price and other pricing terms
(such notice the "Dilutive Issuance Notice"). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this
Section 3(b), upon the occurrence of any Dilutive Issuance, after the date of
such Dilutive Issuance the Holder is entitled to receive a number of Warrant
Shares based upon the Base Share Price regardless of whether the Holder
accurately refers to the Base Share Price in the Notice of Exercise.

     c) Pro Rata Distributions. If the Company, at any time prior to the
Termination Date, shall distribute to all holders of Common Stock and ADSs (and
not to Holders of the Warrants) evidences of its indebtedness or assets
(including cash and cash dividends) or rights or warrants to subscribe for or
purchase any security other than the Common Stock (which shall be subject to
Section 3(b)), then in each such case the Exercise Price shall be adjusted by
multiplying the Exercise Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by
a fraction of which the denominator shall be the VWAP determined as of the
record date mentioned above, and of which the numerator shall be such VWAP on
such record date less the then per share fair market value at such record date
of the portion of such assets or evidence of indebtedness so distributed
applicable to one outstanding share of the Common Stock as determined by the
Board of Directors in good faith. In either case the adjustments shall be
described in a statement provided to the Holder of the portion of assets or
evidences of indebtedness so distributed or such subscription rights applicable
to one share of Common Stock. Such adjustment shall be made whenever any such
distribution is made and shall become effective immediately after the record
date mentioned above.

----------

(1)  One percent above the closing bid price of the ADSs on AMEX immediately
     prior to the date of the Purchase Agreement.



                                       7
<PAGE>

     d) Fundamental Transaction. If, at any time while this Warrant is
outstanding, (A) the Company effects any merger or consolidation of the Company
with or into another Person, (B) the Company effects any sale of all or
substantially all of its assets in one or a series of related transactions, (C)
any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to tender or
exchange their shares for other securities, cash or property, or (D) the Company
effects any reclassification of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property (in any such case, a
"Fundamental Transaction"), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of
such Fundamental Transaction, at the option of the Holder, (a) upon exercise of
this Warrant, the number of shares of common stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any
additional consideration (the "Alternate Consideration") receivable upon or as a
result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a Holder of the number of shares of Common Stock
represented by the ADSs for which this Warrant is exercisable immediately prior
to such event or (b) if the Company is acquired in an all cash transaction, cash
equal to the value of this Warrant as determined in accordance with the
Black-Scholes option pricing formula. For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to
such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as
to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. To the extent necessary to effectuate
the foregoing provisions, any successor to the Company or surviving entity in
such Fundamental Transaction shall issue to the Holder a new warrant consistent
with the foregoing provisions and evidencing the Holder's right to exercise such
warrant into Alternate Consideration. The terms of any agreement pursuant to
which a Fundamental Transaction is effected shall include terms requiring any
such successor or surviving entity to comply with the provisions of this Section
3(d) and insuring that this Warrant (or any such replacement security) will be
similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction.

     e) Calculations. All calculations under this Section 3 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of shares of Common Stock deemed to be issued and
outstanding as of a given date shall be the sum of the number of shares of
Common Stock (excluding treasury shares, if any) issued and outstanding.



                                       8
<PAGE>

     f) Voluntary Adjustment By Company. The Company may at any time during the
term of this Warrant reduce the then current Exercise Price to any amount and
for any period of time deemed appropriate by the Board of Directors of the
Company.

     g) Notice to Holders.

          i. Adjustment to Exercise Price. Whenever the Exercise Price is
     adjusted pursuant to this Section 3, the Company shall promptly mail to
     each Holder a notice setting forth the Exercise Price after such adjustment
     and setting forth a brief statement of the facts requiring such adjustment.
     If the Company issues a variable rate security, despite the prohibition
     thereon in the Purchase Agreement, the Company shall be deemed to have
     issued Common Stock or Common Stock Equivalents at the lowest possible
     conversion or exercise price at which such securities may be converted or
     exercised in the case of a Variable Rate Transaction.

          ii. Notice to Allow Exercise by Holder. If (A) the Company shall
     declare a dividend (or any other distribution) on the Common Stock; (B) the
     Company shall declare a special nonrecurring cash dividend on or a
     redemption of the Common Stock; (C) the Company shall authorize the
     granting to all holders of the Common Stock rights or warrants to subscribe
     for or purchase any shares of capital stock of any class or of any rights;
     (D) the approval of any stockholders of the Company shall be required in
     connection with any reclassification of the Common Stock, any consolidation
     or merger to which the Company is a party, any sale or transfer of all or
     substantially all of the assets of the Company, of any compulsory share
     exchange whereby the Common Stock is converted into other securities, cash
     or property; (E) the Company shall authorize the voluntary or involuntary
     dissolution, liquidation or winding up of the affairs of the Company; then,
     in each case, the Company shall cause to be mailed to the Holder at its
     last address as it shall appear upon the Warrant Register of the Company,
     at least 30 calendar days prior to the applicable record or effective date
     hereinafter specified, a notice stating (x) the date on which a record is
     to be taken for the purpose of such dividend, distribution, redemption,
     rights or warrants, or if a record is not to be taken, the date as of which
     the holders of the Common Stock of record to be entitled to such dividend,
     distributions, redemption, rights or warrants are to be determined or (y)
     the date on which such reclassification, consolidation, merger, sale,
     transfer or share exchange is expected to become effective or close, and
     the date as of which it is expected that holders of the Common Stock of
     record shall be entitled to exchange their shares of the Common Stock for
     securities, cash or other property deliverable upon such reclassification,
     consolidation, merger, sale, transfer or share exchange; provided, that the
     failure to mail such notice or any defect therein or in the mailing thereof
     shall not affect the validity of the corporate action required to be
     specified in such notice. The Holder is entitled to exercise this Warrant
     during the 30 day period commencing on



                                       9
<PAGE>

     the date of such notice to the effective date of the event triggering such
     notice.

     Section 4. Transfer of Warrant.

     a) Transferability. Subject to compliance with any applicable securities
laws and the conditions set forth in Sections 5(a) and 4(d) hereof and to the
provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company, together with a written assignment of
this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in
the name of the assignee or assignees and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a
new Warrant issued.

     b) New Warrants. This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver
a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

     c) Warrant Register. The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the "Warrant Register"), in
the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all
other purposes, absent actual notice to the contrary.

     d) Transfer Restrictions. If, at the time of the surrender of this Warrant
in connection with any transfer of this Warrant, the transfer of this Warrant
shall not be permitted under Rule 144 or registered pursuant to an effective
registration statement under the Securities Act and under applicable state
securities or blue sky laws, the Company may require, as a condition of allowing
such transfer (i) that the Holder or transferee of this Warrant, as the case may
be, furnish to the Company a written opinion of counsel (which opinion shall be
in form, substance and scope customary for opinions of counsel in comparable
transactions) to the effect that such transfer may be made without registration
under the Securities Act and under applicable state securities or blue sky laws,
(ii) that the holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company and (iii) that
the transferee be an "accredited investor" as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7),



                                       10
<PAGE>

or (a)(8) promulgated under the Securities Act or a qualified institutional
buyer as defined in Rule 144A(a) under the Securities Act.

     Section 5. Miscellaneous.

     a) Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws and Section 4 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole or in part, at the office or
agency of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed. The transferee shall sign an investment letter in form and
substance reasonably satisfactory to the Company.

     b) No Rights as Shareholder Until Exercise. This Warrant does not entitle
the Holder to any voting rights or other rights as a shareholder of the Company
prior to the exercise hereof. Upon the surrender of this Warrant and the payment
of the aggregate Exercise Price (or by means of a cashless exercise), the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder
as the record owner of such shares as of the close of business on the later of
the date of such surrender or payment.

     c) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
that upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

     d) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday, Sunday or a legal holiday, then such action may be taken or
such right may be exercised on the next succeeding day not a Saturday, Sunday or
legal holiday.

     e) Authorized Shares.

     The Company covenants that during the period the Warrant is outstanding, it
will reserve from its authorized and unissued Common Stock a sufficient number
of shares (including the ADSs) to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. For so long as the Warrant is outstanding, the



                                       11
<PAGE>

Company shall maintain the Deposit Agreement, and shall neither terminate the
Deposit Agreement nor allow it to lapse due to the Company's failure to appoint
a successor Depositary upon the resignation of the Depositary under Section 21
of the Depositary Agreement.

     Except and to the extent as waived or consented to by the Holder, the
Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this
Warrant against impairment. Without limiting the generality of the foregoing,
the Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

     Before taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof,
or consents thereto, as may be necessary from any public regulatory body or
bodies having jurisdiction thereof.

     f) Jurisdiction. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

     g) Restrictions. The Holder acknowledges that the Warrant Shares acquired
upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

     h) Nonwaiver and Expenses. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder's rights, powers or remedies,
notwithstanding the fact that all rights hereunder terminate on the Termination
Date. If the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the
Company shall pay to Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.



                                       12
<PAGE>

     i) Notices. Any notice, request or other document required or permitted to
be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Purchase Agreement.

     j) Limitation of Liability. No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant or purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Stock
or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

     k) Remedies. Holder, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Warrant and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be
adequate.

     l) Successors and Assigns. Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to
be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares.

     m) Amendment. This Warrant may be modified or amended or the provisions
hereof waived with the written consent of the Company and the Holder.

     n) Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

     o) Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

     p) Identity of Transfer Agent. The Transfer Agent for the Common Stock as
represented by the ADSs is The Bank of New York and the contact information for
the Transfer Agent is 101 Barclay Street, Attention: Robert Spinogatti. Upon the
appointment of any subsequent transfer agent or American depositary agent for
the ADSs or other securities issuable upon the exercise of the rights of
purchase represented by the Warrant, the Company will mail to the Holder a
statement setting forth the name and address of such transfer agent or American
depositary agent.


                              ********************


                                       13
<PAGE>





     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.


Dated:     , 2005

                            GENTIUM S.p.A.


                            By:__________________________________________
                                 Name: Cary Grossman
                                 Title: Executive Vice President
                                          and Chief Financial Officer






                                       14
<PAGE>





                               NOTICE OF EXERCISE

TO:      _______________________

     (1)______The undersigned hereby elects to purchase ________ Warrant Shares
of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

     (2)______Payment shall take the form of in lawful money of the United
States.

     (3)______Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

        _______________________

The Warrant Shares shall be delivered to the following:

        _______________________

        _______________________

        _______________________


     _________ (4) Accredited Investor. The undersigned is an "accredited
investor" as defined in Regulation D promulgated under the Securities Act of
1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity: ______________________________________________________
Signature of Authorized Signatory of Investing Entity: _________________________
Name of Authorized Signatory: __________________________________________________
Title of Authorized Signatory: _________________________________________________
Date: __________________________________________________________________________





<PAGE>




                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)



     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to


_______________________________________________ whose address is

_______________________________________________________________.



_______________________________________________________________

                                 Dated:  ______________, _______


                  Holder's Signature:_____________________________

                  Holder's Address:  _____________________________

                                     _____________________________



Signature Guaranteed:  ___________________________________________


NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.