UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Queensway Financial Holdings Limited
90 Adelaide Street West, Suite 500
Toronto, Ontario
M5H 3V9
CANADA
2. Date of Event Requiring Statement (Month/Day/Year)
10/05/1999
3. IRS or Social Security Number of Reporting Person (Voluntary)
N/a
4. Issuer Name and Ticker or Trading Symbol
Intercell Corporation, INCE
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director
( ) Officer
(x) 10% Owner
( ) Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
N/a
7. Individual or Joint/Group Filing (Check Applicable Line)
(x) Form filed by One Reporting Person
( ) Form filed by More than Once Reporting Person
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Table I - Non-Derivative Securities Beneficially Owned
1. Title of 2.Amount of 3. Ownership Form: 4:Nature of Indirect
Security Securites Direct (D) or Beneficial
Benefically Indirect (I) Ownership Owned
_______________________________________________________________________
__
common 12,248,767 D stock
_______________________________________________________________________________
________________________________________________________________________________
Table II - Derivative Securities Beneficially Owned (e.g. puts, calls,
war
rants, options, convertible securities)
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1.Title of 2. Date Exer- 3. Title and 4.Conver- 5. Owner-
6.Nature of
Derivative cisable and Amount of sion or ship
Indirect
Security Expiration Securities Exercise Form of Beneficial
Date Underlying Price of of Deri- Ownership
Derivative Derivative vative
Security Security Security
Direct
(D)Or
Indirect
(I)
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No reportable transactions
Explanation of Responses:
Signature of Reporting Person:
Crystal D. Maloney for
Queensway Financial Holdings Limited
Date:
10/15/1999
