<TABLE>
<CAPTION>
                                   EXHIBIT 11

              INTERCELL INTERNATIONAL CORPORATION AND SUBSIDIARIES
                        COMPUTATION OF NET LOSS PER SHARE
                                   (Unaudited)

                                                                 Three months
                                                              ended December 31,
                                                       ------------------------------
                                                            2001            2000
                                                       --------------  --------------
<S>                                                    <C>             <C>

Net income (loss)                                      $ (   162,000)  $      33,000

Deemed dividends on Series D and E preferred
  stock relating to in-the-money conversion terms                  -     (    14,000)

Accrued dividends on Series D and E preferred stock                -     (    39,000)

Accretion on Series C preferred stock                    (     1,000)    (     5,000)
                                                       --------------  --------------

Net loss applicable to common shareholders             $ (   163,000)    (    25,000)
                                                       ==============  ==============


Weighted average number of common shares outstanding       8,292,284       4,994,909

Common equivalent shares representing shares
  issuable upon exercise of outstanding options
  and warrants and convertible stock                               -               -
                                                       --------------  --------------

                                                           8,292,284       4,994,909
                                                       ==============  ==============

Basic loss per share applicable
  to common shareholders:
    Loss from continuing operations                    $  (     0.02)     (     0.00)
    Gain from discontinued operations                           0.00            0.00
                                                       --------------  --------------

Basic loss per common share                            $  (     0.02)     (     0.00)
                                                       ==============  ==============

Diluted loss per share applicable
  to common shareholders:
    Loss from continuing operations                    $  (     0.02)     (     0.00)
    Gain from discontinued operations                           0.00            0.00
                                                       --------------  --------------

Diluted loss per common share                          $  (     0.02)     (     0.00)
                                                       ==============  ==============
</TABLE>

Stock options, warrants and convertible preferred stock are not considered in
the calculations for those periods with net losses as the impact of the
potential common shares (approximately 348,850 shares at December 31, 2001 and
3,092,296 at December 31, 2000) would be to decrease net loss per share.


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