Exhibit 4.8
                                                                     -----------

                        PLAN OF LIQUIDATING DISSOLUTION
                                       OF
                               ENERGY CORPORATION


WHEREAS, the Undersigned, as Sole Director of Energy Corporation (hereinafter
"Energy") has approved a Plan of Liquidating Dissolution of Energy; and

WHEREAS, this Plan of Liquidating Dissolution will be proposed to the
shareholders of Energy for their approval; and

WHEREAS, Energy and Intercell Corporation (hereinafter "Intercell") have agreed
to the terms and conditions of a registered distribution of Five Million, Four
Hundred and Twelve Thousand, One Hundred and Ninety-One (5,412,191) shares owned
by Energy; and

WHEREAS, Intercell has agreed to file a Registration Statement, registering such
shares for distribution over a period of three (3) years; and

WHEREAS, Energy believes the orderly liquidation and dissolution of Energy is
and will be for the benefit of its shareholders; and

NOW THEREFORE, the following Plan of Liquidating Dissolution, as set forth
herein, subject to shareholder approval, is adopted and shall be implemented,
pursuant to the General Corporation Code of the State of Delaware.

     1.   All assets of this Corporation, except for the Five Million, Four
          Hundred and Twelve, One Hundred and Ninety-One (5,412,191) shares, to
          be distributed to the shareholders of Energy, shall be sold and the
          proceed therefrom shall be used to pay all legal claims against this
          Corporation and the balance, if any, remaining shall be distributed to
          the shareholders.

     2.   All creditors having legal claims against this Corporation shall be
          satisfied.

     3.   The Five Million, Four Hundred and Twelve Thousand, One Hundred and
          Ninety-One (5,412,191) shares of Intercell owned by Energy shall be
          distributed to all beneficial owners of the common stock of Energy as
          of July 8, 1996, in the following stages:

          (a)  On or about January 31, 1997, Nine Hundred and Two Thousand,
               Thirty-Two (902,032) shares;

          (b)  On or about April 30, 1997, Nine Hundred and Two Thousand, 
               Thirty-Two (902,032) shares;

          (c)  On or about January 30, 1998, Nine Hundred and Two Thousand, 
               Thirty-Two (902,032) shares;

 
          (d)  On or about April 30, 1998, Nine Hundred and Two Thousand, 
               Thirty-Two (902,032) shares;

          (e)  On or about January 31, 1999, Nine Hundred and Two Thousand,
               Thirty Two (902,032) shares; and

          (f)  On or about April 30, 1997, Nine Hundred and Two Thousand, 
               Thirty-One (902,031) shares.

     4.   Energy shall use its best efforts to co-operate with Intercell in the
          expeditious filing of a Registration Statement registering the shares
          for the distribution set forth above, and in assisting Intercell in
          obtaining the earliest possible Declaration of Effectiveness of such
          registration. Energy, shall further, undertake to perform such
          procedures as may be required of it by Intercell or by the Securities
          and Exchange Commission or by any state regulatory authority to comply
          with both federal and state securities laws.

     5.   Upon completion of the final distribution of the shares referred to
          above, Energy Corporation shall cause to be prepared and filed with
          the State of Delaware. a Certificate of Dissolution, dissolving it as
          a matter of law.


Dated: July 8, 1996
                                      ENERGY CORPORATION



                                      By:  /s/ Gordon J. Sales
                                          -------------------------
                                          Gordon J. Sales
                                          President and Sole Director