EXHIBIT 11

                             INTERCELL CORPORATION

             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
 


                                                             Year Ended                Eleven-Month Period 
                                                            September 30,              Ended September 30, 
                                                     ----------------------------      ------------------- 
                                                         1997            1996                  1995        
                                                     ------------     -----------      ------------------- 
                                                                                               
Statement of operations data:                                                                              
  Net loss                                           $(16,481,000)    $(5,283,000)     $        (1,321,000) 
  Deemed preferred stock dividend relating                                                                    
   to in-the-money conversion terms                     1,072,000       1,625,000                       -- 
  Accretion on preferred stock                            460,000              --                       -- 
                                                     ------------     -----------      ------------------- 
Net loss applicable to common stockholders            (18,013,000)     (6,908,000)              (1,321,000)
Weighted-average number of                                                                          
 shares or common stock outstanding                    18,114,038      13,072,683                7,391,275 
Average common and equivalent shares                                                                        
  outstanding/(1)/                                             --              --                       -- 
                                                     ------------     -----------      ------------------- 
                                                       18,114,038      13,072,683                7,391,275  
                                                     ============     ===========      ===================  
                                                                                                            
Net (loss) per common shares                         $      (0.99)    $     (0.54)     $             (0.18)
                                                     ============     ===========      ===================  
 
- ----------------- 
/(1)/ The difference between primary and fully diluted earnings per share is 
      not material.


                                     11-1