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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)(1)
Intercell Corporation
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
4584 41300
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/x/ Rule 13d-1(c)
/ / Rule 13d-1(d)
(1)The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
Page 1 of 5
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CUSIP No. 4584 41300 13G Page 2 of 5 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Capital Ventures International
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(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
Cayman Islands
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Number of Shares (5) Sole Voting Power
Beneficially 2,530,143
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With: 0
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(7) Sole Dispositive Power
2,530,143
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(8) Shared Dispositive Power
0
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
2,530,143
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) / /
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(11) Percent of Class Represented by Amount in Row (9)
6.4%
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(12) Type of Reporting Person (See Instructions)
CO
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CUSIP No. 4584 41300 13G Page 3 of 5 Pages
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ITEM 1.
(a) Name of Issuer
Intercell Corporation (the "Company").
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(b) Address of Issuer's Principal Executive Offices
370 Seventeenth Street, Suite 3290, Denver, CO 80202
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ITEM 2.
(a) Name of Person Filing
Capital Ventures International (the "Reporting Person").
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(b) Address of Principal Business Office or, if none, Residence
One Capitol Place, P.O. Box 1787 GT. Grand Cayman,
Cayman Islands, BWI.
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(c) Citizenship
Cayman Islands.
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(d) Title of Class of Securities
Common Stock, no par value per share, of the Company
("Common Stock").
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(e) CUSIP Number
4584 41300
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) / / Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) / / Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) / / An investment adviser in accordance with section
240.13d-1(b)(1)(ii)(E).
(f) / / An employee benefit plan or endowment fund in accordance with
section 240.13d-1(b)(1)(ii)(F).
(g) / / A parent holding company or control person in accordance with
section 240.13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(i) / / A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3).
(j) / / Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. /x/
ITEM 4. OWNERSHIP
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
2,530,143 shares*
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CUSIP No. 4584 41300 13G Page 4 of 5 Pages
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(b) Percent of class:
6.4%
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(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
2,530,143
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(ii) Shared power to vote or to direct the vote
0
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(iii) Sole power to dispose or to direct the disposition of
2,530,143
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(iv) Shared power to dispose or to direct the disposition of
0
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* Note to Item 4(a). Consists of (i) 2,273,978 shares of Common Stock owned
by the Reporting Person, (ii) 141,294 shares of Common Stock issuable by the
Company to the Reporting Person upon conversion by the Reporting Person of
300 shares of Series C Preferred Stock of the Company based on an assumed
conversion price of $3.25, (iii) 53,333 shares of Common Stock issuable by
the Company to the Reporting Person upon exercise by the Reporting Person of
certain warrants with an exercise price of $3.9375 and (iv) 61,538 shares of
Common Stock issuable by the Company to the Reporting Person upon exercise by
the Reporting Person of certain warrants with an exercise price of $3.25. The
Series C Preferred Stock is convertible into Common Stock at a conversion
price equal to the lessor of (i) $3.25 and (ii) 85% of the market price of
the Common Stock at the time of conversion.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following. / /
Not applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable
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CUSIP No. 4584 41300 13G Page 5 of 5 Pages
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ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 8, 1999
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Date
CAPITAL VENTURES INTERNATIONAL
By: Susquehanna Advisors Group, Inc.
(f/k/a Bala International, Inc. and
Arbit, Inc.), pursuant to a Limited
Power of Attorney, a copy of which was
filed as Exhibit A to the original
Schedule 13G and which is hereby
incorporated by reference.
By: /s/ Arthur Dantchik
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Arthur Dantchik, President
