<PAGE>
 
                                  EXHIBIT 4.9

THIS WARRANT AND THE SECURITIES RECEIVABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF OR EXERCISED UNLESS (I) A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL
HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (II) AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS
AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

Warrant to Purchase
200,000 shares
-------       

                       WARRANT TO PURCHASE COMMON STOCK
                                      OF
                             INTERCELL CORPORATION

     THIS CERTIFIES that The Hamilton Fund, L.L.C. or any subsequent ("Holder")
hereof, has the right to purchase from INTERCELL CORPORATION, a Colorado
corporation (the "Company"), up to 200,000 fully paid and nonassessable shares
                                   -------                                    
of the Company's Common Stock, no par value ("Common Stock"), subject to
adjustment as provided herein, at a price equal to the Exercise Price as defined
in Section 3 below, at any time beginning on the Date of Issuance and ending at
5:00 p.m., New York, New York time, on December 3, 2002.

     The Holder of this Warrant agrees with the Company that this Warrant is
issued and all rights hereunder shall be held subject to all of the conditions,
limitations and provisions set forth herein.

     1.  Date of Issuance.
         ---------------- 

     This Warrant shall be deemed to be issued on December 3, 1997 ("Date of
Issuance").

     2.  Exercise.
         -------- 

     (a) Manner of Exercise.  This Warrant may not be exercised prior to June 1,
1998.  Thereafter, this Warrant may be exercised as to all or any lesser number
of full shares of Common Stock covered hereby upon surrender of this Warrant,
with the Exercise Form attached hereto duly executed, together with the full
Exercise Price (as defined in Section 3) for each share of Common Stock as to
which this Warrant is exercised, at the office of the Company, 370 17th Street,
Suite 3290, Denver, Colorado 80202; Attention: President, Telephone No. (303)
592-1010, Telecopy No. (303) 592-1054, or at such other office or agency as the
Company may designate in writing, by overnight mail, with an advance copy of the
Exercise Form attached as Exhibit A ("Exercise Form") by facsimile (such
surrender and payment of the Exercise Price hereinafter called the "Exercise of
this Warrant").

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     (b) Date of Exercise.  The "Date of Exercise" of the Warrant shall be
defined as the date that the advance copy of the Exercise Form is sent by
facsimile to the Company, provided that the original Warrant and Exercise Form
are received by the Company as soon as practicable thereafter.  Alternatively,
the Date of Exercise shall be defined as the date the original Exercise Form is
received by the Company, if Holder has not sent advance notice by facsimile.

     (c) Cancellation of Warrant.  This Warrant shall be canceled upon its
Exercise, and, as soon as practical after the Date of Exercise, the Holder
hereof shall be entitled to receive Common Stock for the number of shares
purchased upon such Exercise, and if this Warrant is not exercised in full, the
Holder shall be entitled to receive a new Warrant or Warrants (containing terms
identical to this Warrant) representing any unexercised portion of this Warrant
in addition to such Common Stock.

     (d) Holder of Record.  Each person in whose name any Warrant for shares of
Common Stock is issued shall, for all purposes, be deemed to have become the
Holder of record of such shares on the Date of Exercise of this Warrant,
irrespective of the date of delivery of such shares of Common Stock.  Nothing in
this Warrant shall be construed as conferring upon the Holder hereof any rights
as a shareholder of the Company.

     3.  Payment of Warrant Exercise Price.
         --------------------------------- 

     The Exercise Price shall equal the closing bid price on December 3, 1997
($0.15)("Exercise Price").

     Payment of the Exercise Price may be made by either of the following, or a
combination thereof, at the election of Holder:

     (i)  Cash Exercise: cash, certified check or cashiers check or wire
transfer; or

     (ii) Cashless Exercise: subject to the last sentence of this Section 3,
surrender of this Warrant at the principal office of the Company together with
notice of cashless election, in which event the Company shall issue Holder a
number of shares of Common Stock computed using the following formula:

          X = Y (A-B)/A

where:    X =  the number of shares of Common Stock to be issued to Holder.

          Y =  the number of shares of Common Stock for which this Warrant is
     being exercised.

          A =  the Market Price of one (1) share of Common Stock (for purposes
     of this Section 3(ii), the "Market Price" shall be defined as the average
     closing price of the Common Stock for the five (5) trading days prior to
     the Date of Exercise of this Warrant (the "Average Closing Price"), as
     reported by the OTC Bulletin Board, or if the Common Stock is not traded on
     the OTC Bulletin Board, the Average Closing Price in the over-the-counter
     market; provided, however, that if the Common Stock is listed on a stock
     exchange, the Market Price shall be the Average Closing Price on such
     exchange. If the Common Stock is/was not traded during the five (5) trading
     days prior to the Date of

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     Exercise, then the closing price for the last publicly traded day shall be
     deemed to be the closing price for any and all (if applicable) days during
     such five (5) trading day period.

          B =  the Exercise Price.

For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended,
understood and acknowledged that the Common Stock issuable upon exercise of this
Warrant in a cashless exercise transaction shall be deemed to have been acquired
at the time this Warrant was issued.  Moreover, it is intended, understood and
acknowledged that the holding period for the Common Stock issuable upon exercise
of this Warrant in a cashless exercise transaction shall be deemed to have
commenced on the date this Warrant was issued.

Notwithstanding anything to the contrary contained herein, this Warrant may not
be exercised in a cashless exercise transaction if, on the Date of Exercise, the
shares of Common Stock to be issued upon exercise of this Warrant would upon
such (x) be then registered pursuant to an effective registration statement
filed pursuant to that certain Registration Rights Agreement dated on or about
December 9, 1996 by and among the Company and certain investors; or (y)
otherwise be registered under the Securities Act of 1933, as amended.

     4.  Transfer.
         -------- 

     (a) Transfer Rights.  Subject to the provisions of Section 8 of this
Warrant, this Warrant may be transferred on the books of the Company, in whole
or in part, in person or by attorney, upon surrender of this Warrant properly
endorsed.  This Warrant shall be canceled upon such surrender and, as soon as
practicable thereafter, the person to whom such transfer is made shall be
entitled to receive a new Warrant or Warrants as to the portion of this Warrant
transferred, and the Holder of this Warrant shall be entitled to receive a new
Warrant or Warrants as to the portion hereof retained.

     5.  Anti-Dilution Adjustments.
         ------------------------- 

     (a) Stock Dividend.  If the Company shall at any time declare a dividend
payable in shares of Common Stock, then the Holder hereof, upon Exercise of this
Warrant after the record date for the determination of Holders of Common Stock
entitled to receive such dividend, shall be entitled to receive upon Exercise of
this Warrant, in addition to the number of shares of Common Stock as to which
this Warrant is Exercised, such additional shares of Common Stock as such Holder
would have received had this Warrant been Exercised immediately prior to such
record date and the Exercise Price will be proportionately adjusted.

     (b) Recapitalization or Reclassification.  If the Company shall at any time
effect a recapitalization, reclassification or other similar transaction of such
character that the shares of Common Stock shall be changed into or become
exchangeable for a larger or smaller number of shares, then upon the effective
date thereof, the number of shares of Common Stock which the Holder hereof shall
be entitled to purchase upon Exercise of this Warrant shall be increased or
decreased, as the case may be, in direct proportion to the increase or decrease
in the number of shares of Common Stock by reason of such recapitalization,
reclassification or similar transaction, and the Exercise Price shall be, in the
case of an increase in the number of shares, proportionally decreased and, in
the case of decrease in the number of shares, proportionally

                                       3
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increased. The Company shall give the Warrant Holder the same notice it provides
to holders of Common Stock of any transaction described in this Section 5(b).

     (c) Distributions.  If the Company shall at any time distribute to Holders
of Common Stock cash, evidences of indebtedness or other securities or assets
(other than cash dividends or distributions payable out of earned surplus or net
profits for the current or preceding year) then, in any such case, the Holder of
this Warrant shall be entitled to receive, upon exercise of this Warrant, with
respect to each share of Common Stock issuable upon such Exercise, the amount of
cash or evidences of indebtedness or other securities or assets which such
Holder would have been entitled to receive with respect to each such share of
Common Stock as a result of the happening of such event had this Warrant been
Exercised immediately prior to the record date or other date fixing shareholders
to be affected by such event (the "Determination Date") or, in lieu thereof, if
the Board of Directors of the Company should so determine at the time of such
distribution, a reduced Exercise Price determined by multiplying the Exercise
Price on the Determination Date by a fraction, the numerator of which is the
result of such Exercise Price reduced by the value of such distribution
applicable to one share of Common Stock (such value to be determined by the
Board in its discretion) and the denominator of which is such Exercise Price.

     (d) Notice of Consolidation or Merger.  In the event of a merger,
consolidation, exchange of shares, recapitalization, reorganization, or other
similar event, as a result of which shares of Common Stock of the Company shall
be changed into the same or a different number of shares of the same or another
class or classes of stock or securities or other assets of the Company or
another entity or there is a sale of all or substantially all the Company's
assets (a "Corporate Change"), then this Warrant shall be exercisable into such
class and type of securities or other assets as the Holder would have received
had the Holder exercised this Warrant immediately prior to such Corporate
Change; provided, however, that Company may not affect any Corporate Change
unless it first shall have given thirty (30) business days notice to the Holder
hereof of any Corporate Change.

     (e) Exercise Price Adjusted. As used in this Warrant, the term "Exercise
Price" shall mean the purchase price per share specified in Section 3 of this
Warrant, until the occurrence of an event stated in subsection (a), (b) or (c)
of this Section 5, and thereafter shall mean said price as adjusted from time to
time in accordance with the provisions of said subsection. No such adjustment
under this Section 5 shall be made unless such adjustment would change the
Exercise Price at the time by $.01 or more; provided, however, that all
adjustments not so made shall be deferred and made when the aggregate thereof
would change the Exercise Price at the time by $.01 or more. No adjustment made
pursuant to any provision of this Section 5 shall have the effect of increasing
the Exercise Price. The number of shares of Common Stock subject hereto shall
increase proportionately with each decrease in the Exercise Price.

     (f) Adjustments: Additional Shares, Securities or Assets.  In the event 
that at any time, as a result of an adjustment made pursuant to this Section 5,
the Holder of this Warrant shall, upon Exercise of this Warrant, become entitled
to receive shares and/or other securities or assets (other than Common Stock)
then, wherever appropriate, all references herein to shares of Common Stock
shall be deemed to refer to and include such shares and/or other securities or
assets; and thereafter the number of such shares and/or other securities or
assets shall be subject

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to adjustment from time to time in a manner and upon terms as nearly equivalent
as practicable to the provisions of this Section 5.

     6.  Fractional Interests.
         -------------------- 

     No fractional shares or scrip representing fractional shares shall be
issuable upon the Exercise of this Warrant, but on Exercise of this Warrant, the
Holder hereof may purchase only a whole number of shares of Common Stock.  If,
on Exercise of this Warrant, the Holder hereof would be entitled to a fractional
share of Common Stock or a right to acquire a fractional share of Common Stock,
such fractional share shall be disregarded and the number of shares of Common
Stock issuable upon conversion shall be the next higher number of shares.

     7.  Reservation of Shares.
         --------------------- 

     The Company shall at all times reserve for issuance such number of
authorized and unissued shares of Common Stock (or other securities substituted
therefor as herein above provided) as shall be sufficient for Exercise and
payment of the Exercise Price of this Warrant.  The Company covenants and agrees
that upon Exercise of this Warrant, all shares of Common Stock issuable upon
such Exercise shall be duly and validly issued, fully paid, nonassessable and
not subject to preemptive rights, rights of first refusal or similar rights of
any person or entity.

     8.  Restrictions on Transfer.
         ------------------------ 

     (a) Registration or Exemption Required.  This Warrant has been issued in a
transaction exempt from the registration requirements of the Act by virtue of
Regulation D.  The Warrant and the Common Stock issuable upon exercise of the
Warrant may not be sold except pursuant to an effective registration statement
or an exemption to the registration requirements of the Act and applicable state
laws.

     (b) Piggyback Registration Rights. During the five (5) year period
commencing December 3, 1997, if the Company proposes to file a registration
statement for a public offering of any of its securities under the Act, it will
give written notice, at least forty-five (45) days prior to the filing of each
such registration statement to the Holders of the Warrant and/or the underlying
securities of its intention to do so. Upon written request from any of the
Holders notifying the Company within twenty (20) days after the giving of such
notice of each such registration statement of their desire to sell the
securities issued or of such notice of each such registration statement of their
desire to sell the securities issued or issuable upon the exercise of this
Warrant, the Company shall afford such Holders of the Warrant and/or underlying
securities registered or qualified under such registration statement. This is
not applicable to a registration statement filed with the Commission of Forms S-
4 or S-8 or any other inappropriate forms, nor is it applicable to the Warrant
once they have expired. The Holders who elect such piggyback registration rights
agree to withdraw such of the registrable securities as shall reasonably be
required by the underwriter in connection with any such offering. Neither the
delivery of such notice by the Company nor the election or request by such
Holders shall in any way obligate the Company to file such registration
statement under this Section 8(b), and the Company may, at any time prior to the
effective date thereof, determine not to offer the securities to which the
registration statement relates, without liability to such Holders. In addition,
each Holder shall, upon the request of the managing underwriter, if any, of such
public offering, agree in writing not to sell, transfer, assign, hypothecate, or
otherwise dispose of the securities issued or issuable

                                       5
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upon the exercise of this Option for a period of 24 months in
such managing underwriter' s discretion.

     (c)  Demand Registration Rights. During the five (5) year period commencing
December 3, 1997, upon the written request of the Holders of those securities
representing at least a majority of the sum of the Shares issuable upon the
exercise of this Warrant, the Company agrees to prepare and file with the
Commission, no more than once, a post-Effective Amendment, or a registration
statement under the Act, registering or qualifying, as the case may be, this
Option and/or the securities underlying this Option. The Company agrees to use
its best efforts to cause the above filing to become effective. These Demand
Registration Rights are not applicable to the Warrants once they have expired.

     (d)  Assignment. Assuming the conditions of (a) above regarding
registration or exemption have been satisfied, the Holder may sell, transfer,
assign, pledge or otherwise dispose of this Warrant, in whole or in part. Holder
shall deliver a written notice to Company, substantially in the form of the
Assignment attached hereto as Exhibit B, indicating the person or persons to
whom the Warrant shall be assigned and the respective number of warrants to be
assigned to each assignee. The Company shall effect the assignment within ten
(10) days, and shall deliver to the assignee(s) designated by Holder a Warrant
or Warrants of like tenor and terms for the appropriate number of shares.

     9.   Benefits of this Warrant.
          ------------------------ 

     Nothing in this Warrant shall be construed to confer upon any person other
than the Company and the Holder of this Warrant any legal or equitable right,
remedy or claim under this Warrant and this Warrant shall be for the sole and
exclusive benefit of the Company and the Holder of this Warrant.

     10.  Applicable Law.
          -------------- 

     This Warrant is issued under and shall for all purposes be governed by and
construed in accordance with the laws of the state of Colorado, without giving
effect to conflict of law provisions thereof.

     11.  Loss of Warrant.
          --------------- 

     Upon receipt by the Company of evidence of the loss, theft, destruction or
mutilation of this Warrant, and (in the case of loss, theft or destruction) of
indemnity or security reasonably satisfactory to the Company, and upon surrender
and cancellation of this Warrant, if mutilated, the Company shall execute and
deliver a new Warrant of like tenor and date.

     12.  Notice or Demands.
          ----------------- 

     Notices or demands pursuant to this Warrant to be given or made by the
Holder of this Warrant to or on the Company shall be sufficiently given or made
if sent by certified or registered mail, return receipt requested, postage
prepaid, and addressed, until another address is designated in writing by the
Company, to Attention: President, Intercell Corporation, 370 17th Street, Suite
3290, Denver, Colorado 80202, Attention: President, Telephone No. (303 )592-
1010, Telecopy No. (303) 592-1054. Notices or demands pursuant to this

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Warrant to be given or made by the Company to or on the Holder of this Warrant
shall be sufficiently given or made if sent by certified or registered mail,
return receipt requested, postage prepaid, and addressed, to the address of the
Holder set forth in the Company's records, until another address is designated
in writing by Holder.

     IN WITNESS WHEREOF, the undersigned has executed this Warrant as of the 3rd
day of December 1997.

                                   INTERCELL CORPORATION


                                   By: /s/ Paul H. Metzinger
                                      -------------------------------------
                                           Paul H. Metzinger, President and CEO

                                       7
<PAGE>
 
                                   EXHIBIT A

                                 EXERCISE FORM

                           TO: INTERCELL CORPORATION

     The undersigned hereby irrevocably exercises the right to purchase
__________ of the shares of Common Stock of INTERCELL CORPORATION, a Colorado
corporation (the "Company"), evidenced by the attached Warrant, and herewith
makes payment of the Exercise Price with respect to such shares in full, all in
accordance with the conditions and provisions of said Warrant.

1.   The undersigned agrees not to offer, sell, transfer or otherwise dispose of
any of Common Stock obtained on exercise of the Warrant, except in accordance
with the provisions of Section 8(a) of the Warrant.

2.   The undersigned requests that stock certificates for such shares be issued
free of any restrictive legend, and a warrant representing any unexercised
portion hereof be issued, pursuant to the Warrant in the name of the Registered
Holder and delivered to the undersigned at the address set forth below:

Dated:

 
________________________________________________________________________________
                        Signature of Registered Holder

                                        
________________________________________________________________________________
                           Registered Holder (Print)

                                        
________________________________________________________________________________
                               Non-U.S. Address

                                       8
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                                   EXHIBIT B

                                  ASSIGNMENT

                   (To be executed by the registered Holder
                       desiring to transfer the Warrant)

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant hereby sells,
assigns and transfers unto the person or persons below named the right to
purchase __________ shares of the Common Stock of INTERCELL CORPORATION
evidenced by the attached Warrant and does hereby irrevocably constitute and
appoint ____________________ attorney to transfer the said Warrant on the books
of the Company, with full power of substitution in the premises.

Dated:                                  ________________________________________
                                        Signature

Fill in for new Registration of Warrant:

 
_______________________________________
              Name


_______________________________________ 
              Address


_______________________________________ 
Please print name and address of assignee
(including zip code number)

 
________________________________________________________________________________
NOTICE

The signature to the foregoing Exercise Form or Assignment must correspond to
the name as written upon the face of the attached Warrant in every particular,
without alteration or enlargement or any change whatsoever.
________________________________________________________________________________

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