<PAGE>
                             UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                              FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

               For the quarterly period ended June 30, 2001

                                    OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

            For the transition period from N/A to N/A
                                           ---    ---

                      Commission File No. 814-124

                TECHNOLOGY FUNDING MEDICAL PARTNERS I, L.P.
                -------------------------------------------
            (Exact name of Registrant as specified in its charter)

          Delaware                            94-3166762
-------------------------------     ---------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification No.)
incorporation or organization)

2000 Alameda de las Pulgas, Suite 250
San Mateo, California                                            94403
---------------------------------------                       --------
(Address of principal executive offices)                     (Zip Code)

                              (650) 345-2200
             --------------------------------------------------
            (Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  Limited
Partnership Units

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X  No
                                                             ---   ---

No active market for the units of limited partnership interests
("Units") exists, and therefore the market value of such Units cannot be
determined.




<PAGE>

I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                     (unaudited)
                                       June 30,         December 31,
                                         2001               2000
                                     ------------       ------------
<S>                                   <C>               <C>
ASSETS

Equity investments (cost of
 $3,117,027 and $3,114,946 in
 2001 and 2000, respectively)         $3,358,061        $3,476,354
Cash and cash equivalents                    240            36,945
Other assets                               1,890             1,214
                                       ---------         ---------
     Total assets                     $3,360,191        $3,514,513
                                       =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses $   22,779        $   46,855
Due to related parties                   120,533           639,492
Short-term borrowings                    806,926                --
                                       ---------         ---------
     Total liabilities                   950,238           686,347

Commitments and contingencies

Partners' capital
 Limited Partner (79,716 units
  outstanding)                         2,439,390         2,853,421
 General Partners                        (29,437)          (25,255)
                                       ---------         ---------
     Total partners' capital           2,409,953         2,828,166
                                       ---------         ---------
     Total liabilities and
       partners' capital              $3,360,191        $3,514,513
                                       =========         =========
</TABLE>








The accompanying notes are an integral part of these financial statements.


<PAGE>
STATEMENTS OF INVESTMENTS
-------------------------

<TABLE>
<CAPTION>
                                        Principal            (unaudited)
                                        amount or           June 30, 2001        December 31, 2000
Industry                                shares at         ----------------       -----------------
(1)                          Investment  June 30,         Cost       Fair        Cost        Fair
Company             Position    Date      2001            Basis      Value       Basis       Value
-------------       --------    ----    -----------       -----      -----       -----       -----
<S>                <C>         <C>      <C>        <C>         <C>         <C>         <C>

Equity Investments
------------------

Medical/Biotechnology
---------------------
46.4% and 57.4% at June 30, 2001 and December 31, 2000, respectively
--------------------------------------------------------------------
Acusphere, Inc.    Preferred   1995-
 (a)               shares      1997      340,635   $  706,251 $  970,810  $  706,251  $  970,810
Curis              Common
 Corporation       shares      2000        2,313       27,033     14,595      27,033      20,528
deCODE Genetics    Common
 Corporation       shares      2001        4,887       43,983     60,159          --          --
Prolinx, Inc.      Preferred
 (a)               shares      2001       30,394       27,355      9,574     688,461     621,924
Prolinx, Inc.      Common      1995-
 (a)               shares      1998      197,436      688,461     62,191          --          --
Prolinx, Inc.      Convertible
 (a)               note (2)    2000      $26,700            0          0      26,809       9,383
Prolinx, Inc.      Preferred
 (a)               share
                   warrants
                  (terms to be
                   determined) 2001                       293          0          --          --
                                                    ---------  ---------   ---------   ---------
                                                    1,493,376  1,117,329   1,448,554   1,622,645
                                                    ---------  ---------   ---------   ---------

STATEMENTS OF INVESTMENTS (continued)
------------------------------------

Medical/Diagnostic Equipment
----------------------------
76.7% and 51.4% at June 30, 2001 and December 31, 2000, respectively
--------------------------------------------------------------------
Endocare, Inc.     Common      1996-
 (b)               shares      2000      182,400      556,000  1,458,288     556,000   1,162,800
LifeCell           Preferred   1996-
 Corporation       shares (2)  2000        2,745      247,500    193,165     247,500     141,137
LifeCell           Common
 Corporation       share
                   warrant at
                   $4.13;
                   expiring
                   2001        1996       56,451        2,500          0       2,500           0
R2 Technology,     Preferred   1994-
 Inc. (a)          shares      1996      117,134      134,268    197,820     134,268     148,364
                                                    ---------  ---------   ---------   ---------
                                                      940,268  1,849,273     940,268   1,452,301
                                                    ---------  ---------   ---------   ---------

Health Information Systems
--------------------------
1.7% and 1.4% at June 30, 2001 and December 31, 2000, respectively
------------------------------------------------------------------
Adesso Healthcare
 Technology
 Services, Inc.    Preferred   1997-
 (a) (b)           shares      2000       13,753      131,048          0     131,048           0
Adesso Healthcare
 Technology
 Services, Inc.    Convertible
 (a) (b)           note (2)    2000      $30,128       31,370     23,527      30,128      22,596

STATEMENTS OF INVESTMENTS (continued)
------------------------------------

CareCentric
 Solutions, Inc.   Common
 (a)               shares      1999       11,839       94,899     16,706      94,899      15,898
                                                    ---------  ---------   ---------   ---------
                                                      257,317     40,233     256,075      38,494
                                                    ---------  ---------   ---------   ---------

Pharmaceuticals
---------------
8.6% and 3.2% at June 30, 2001 and December 31, 2000, respectively
------------------------------------------------------------------
Axys
 Pharmaceuticals,  Common
 Inc.              shares      2000       10,000       47,000     42,000      47,000      56,250
Periodontix,       Preferred   1993-
 Inc. (a)          shares      1996      167,000      234,000     35,100     234,000      35,100
Inspire
 Pharmaceuticals,  Common
 Inc.              shares      2001        9,309       83,781    130,326          --          --
                                                    ---------  ---------   ---------   ---------
                                                      364,781    207,426     281,000      91,350
                                                    ---------  ---------   ---------   ---------

Environmental
-------------
0.2% and 0.1% at June 30, 2001 and December 31, 2000, respectively
------------------------------------------------------------------
Triangle
 Biomedical
 Sciences,         Common
 Inc. (a)          shares      1999          366       10,248      3,587      10,248       3,587
Triangle           Common
 Biomedical        share
 Sciences,         warrant
 Inc. (a)          at $28.00;
                   expiring
                   2009        1999          366          366        128         366         128
                                                    ---------  ---------   ---------   ---------
                                                       10,614      3,715      10,614       3,715
                                                    ---------  ---------   ---------   ---------

STATEMENTS OF INVESTMENTS (continued)
------------------------------------

Venture Capital Limited Partnership Investments
-----------------------------------------------
5.8% and 9.5% at June 30, 2001 and December 31, 2000, respectively
------------------------------------------------------------------
Medical Science    Limited
 Partners II, L.P. Partnership
 (a)               Interests   various  $250,000       50,671    140,085     178,435     267,849
                                                    ---------  ---------   ---------   ---------
                                                       50,671    140,085     178,435     267,849
                                                    ---------  ---------   ---------   ---------
Total equity investments-139.4% and 123.0%
 at June 30, 2001 and December 31, 2000,
 respectively                                      $3,117,027 $3,358,061  $3,114,946  $3,476,354
                                                    =========  =========   =========   =========

Legend and footnotes:

 --   No investment held at end of period.
 0    Investment active with a carrying value or fair value of zero.

(a) Equity security acquired in a private placement transaction; resale may be subject to certain
selling restrictions.
(b) Portfolio company is an affiliate of the Partnership; resale may be subject to certain selling
restrictions.
(1) Represents the total fair value of a particular industry segment as a percentage of partners'
capital at June 30, 2001 and December 31, 2000.
(2) The Partnership has no income-producing equity investments except for LifeCell Corporation
Preferred shares and convertible notes, which include accrued interest.  Interest rates on
such notes range from 9.5% to 10%.

</TABLE>







The accompanying notes are an integral part of these financial statements.


<PAGE>
STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>                                             For the Three Months       For the Six Months
                                                         Ended June 30,            ended June 30,
                                                      ---------------------    ---------------------
                                                        2001         2000        2001         2000
                                                       ------       ------      ------       ------
<S>                                                <C>          <C>          <C>         <C>
Investment income:
 Interest income                                     $  1,089  $        --   $   2,389  $        --
 Dividend income                                           91        3,978         101        7,966
                                                      -------    ---------     -------    ---------
  Total investment income                               1,180        3,978       2,490        7,966

Investment expenses:
 Management fees                                       37,005       39,648      76,655       79,298
 Individual General Partners' compensation             10,483       11,732      19,957       16,822
 Administrative and investor services                  68,450       46,707     100,754       67,640
 Investment operations                                 16,619       37,687      22,718       45,630
 Professional fees                                     20,116       12,210      46,906       34,849
 Computer services                                     15,459        9,660      26,442       18,293
 Interest expense                                       6,897          156       6,897        3,772
                                                      -------    ---------     -------    ---------
  Total investment expenses                           175,029      157,800     300,329      266,304
                                                      -------    ---------     -------    ---------
Net investment loss                                  (173,849)    (153,822)   (297,839)    (258,338)
                                                      -------    ---------     -------    ---------
Net realized loss from sales of equity investments         --           --          --         (768)
                                                      -------    ---------     -------    ---------
Net realized loss                                          --           --          --         (768)
                                                      -------    ---------     -------    ---------
Net increase (decrease) in unrealized
  appreciation of equity investments                  880,080   (3,566,569)   (120,374)  (1,195,320)
                                                      -------    ---------     -------    ---------
Net increase (decrease) in partners'
  capital resulting from operations                  $706,231  $(3,720,391)  $(418,213) $(1,454,426)
                                                      =======    =========     =======    =========
Net increase (decrease) in partners' capital
  resulting from operations per Unit                 $   8.77  $    (46.00)  $   (5.19) $    (18.06)
                                                      =======    =========     =======    =========
</TABLE>
The accompanying notes are an integral part of these financial statements.

<PAGE>
STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                         For the Six Months Ended June 30,
                                         ---------------------------------
                                               2001             2000
                                              ------           ------
<S>                                           <C>             <C>
Net decrease in partners'
 capital resulting from operations        $  (418,213)     $(1,454,426)

Adjustments to reconcile net decrease
 in partners' capital resulting
 from operations to net cash used by
 operating activities:
  Net decrease in unrealized
   appreciation of equity investments         120,374        1,195,320
  Net realized loss from sales of equity
   investments                                     --              768
  Decrease in accounts payable and accrued
   expenses                                   (24,076)          (7,284)
 (Decrease) increase in due to related
   parties                                   (518,959)          97,734
  Other changes, net                           (2,757)          (1,416)
                                            ---------        ---------
Net cash used by operating activities        (843,631)        (169,304)
                                            ---------        ---------
Cash flows from investing activities:
 Distributions from venture capital
  limited partnership investments                  --           20,864
 Notes receivable issued                           --               --
 Purchase of equity investments                    --          (31,046)
                                            ---------        ---------
  Net cash used by investing activities            --          (10,182)
                                            ---------        ---------
Cash flows from financing activities:
 Proceeds from short-term borrowings, net     806,926            3,772
                                            ---------        ---------
  Net cash provided by financing activities   806,926            3,772
                                            ---------        ---------

Net decrease in cash and cash equivalents     (36,705)        (175,714)

Cash and cash equivalents at beginning
 of year                                       36,945          175,990
                                            ---------        ---------
Cash and cash equivalents at June 30      $       240      $       276
                                            =========        =========

</TABLE>



The accompanying notes are an integral part of these financial statements.


<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited)
----------------------------------------

1.     Interim Financial Statements
       ----------------------------

In the opinion of the Managing General Partners, the accompanying interim
financial statements reflect all adjustments necessary for the fair
presentation of the financial position, results of operations, and cash
flows for the interim periods presented.  These statements should be read
in conjunction with the Annual Report on Form 10-K for the year ended
December 31, 2000.  Allocation of income and loss to Limited and General
Partners is based on cumulative income and loss.  Adjustments, if any, are
reflected in the current quarter balances.

2.     Future of Partnership Operations
       --------------------------------

The General Partners have made loans to the Partnership to finance its
recurring losses from on-going operations and have arranged broker loans on
conventional terms secured by the publicly-traded shares owned by the
Partnership.  Without such loans the Partnership would have been required
to liquidate investments.  The Partnership Agreement provides that the
Partnership will terminate December 31, 2002, unless extended for two
additional two-year periods by the Individual General Partners.  In June
2001, the Individual General Partners directed the Managing General
Partners to proceed with the earliest reasonable termination of the
Partnership after assessing the potential return on the Partnership's
investments in relation to the costs of continued operation.  The Managing
General Partners are currently exploring alternatives for termination of
the Partnership and the liquidation of its investments.  There is no ready
market for many of the Partnership's investments.  The fair value of the
Partnership's investments at June 30, 2001 may differ significantly from a
value that would have been used had the ultimate proceeds from the
liquidation of the investments been known.

The uncertainties arising from these circumstances raise substantial doubt
about the Partnership's ability to continue as a going concern.  The
accompanying interim financial statements do not include any adjustments
that might result from the outcome of these uncertainties.  The Partnership
has been advised by its independent public accountants that should the
uncertainties surrounding the Partnership's future operations remain
unresolved at year-end, their report on those financial statements will be
modified for that contingency.

3.     Provision for Income Taxes
       --------------------------

No provision for income taxes has been made by the Partnership as the
Partnership is not directly subject to taxation.  The partners are to
report their respective shares of Partnership income or loss on their
individual tax returns.

The accompanying financial statements are prepared using accounting
principles generally accepted in the United States which may not equate to
tax accounting.  The cost of investments on a tax basis at June 30, 2001
and December 31, 2000, was $3,317,575 and $3,187,729, respectively.  At
June 30, 2001 and December 31, 2000, gross unrealized appreciation and
depreciation on investments based on cost for federal income tax purposes
were as follows:
<CAPTION>
<TABLE>
                                        June 30,     December 31,
                                          2001           2000
                                      ------------   ------------
<S>                                  <C>             <C>
Unrealized appreciation               $ 1,309,738     $1,068,550
Unrealized depreciation                (1,269,252)      (779,925)
                                        ---------      ---------
Net unrealized appreciation           $    40,486     $  288,625
                                        =========      =========
</TABLE>

4.     Related Party Transactions
       --------------------------

Related party costs are included in investment expenses shown on the
Statements of Operations.  Related party costs for the six months ended
June 30, 2001 and 2000, were as follows:
<CAPTION>
<TABLE>
                                               2001              2000
                                              ------            ------
<S>                                        <C>                <C>
Management fees                             $ 76,655           $79,298
Individual General Partners' compensation     19,957            16,822
Reimbursable operating expenses              123,862            92,414

</TABLE>

The Partnership reimburses the Managing General Partners for certain
operating expenses incurred in connection with the business of the
Partnership.  Reimbursable operating expenses paid by the Managing General
Partners include expenses (other than organizational and offering expenses
and general partner overhead) such as administrative and investor services,
investment operations, and computer services.  Prior to 2000, the
Partnership Agreement stated that the Partnership could not reimburse the
Managing General Partners for certain operational costs that aggregate more
than 3 percent of total limited partner capital contributions.  On December
8, 2000, the limited partners approved an amendment to the Partnership
Agreement which removed the limit on reimbursement of operational costs
effective January 1, 2000.  Certain reimbursable expenses have been accrued
based upon interim estimates prepared by the Managing General Partners and
are adjusted to actual costs periodically.  Amounts due to related parties
for such expenses were $108,638 and $520,544 at June 30, 2001 and December
31, 2000, respectively.  Included in the due to related parties at June 30,
2001 is $23,849, representing an overallocation of certain estimated
expenses incurred in the quarter ended June 30, 2001.  This amount was
repaid in full to the Partnership on August 6, 2001.

Management fees due to the Managing General Partners were $11,895 and
$118,948 at June 30, 2001 and December 31, 2000, respectively, and were
included in due to related parties.

Officers of the Managing General Partners occasionally receive stock
options as compensation for serving on the Boards of Directors of portfolio
companies.  It is the Managing General Partners' policy that all such
compensation be transferred to the investing partnerships.  If the options
are non-transferable, they are not recorded as an asset of the Partnership.
Any profit from the exercise of such options will be transferred if and
when the options are exercised and the underlying stock is sold by the
officers.  Any such profit is allocated amongst the Partnership and
affiliated partnerships based on their proportionate investments in the
portfolio company.  At June 30, 2001, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Endocare, Inc.
options with a fair value of $184,069.

5.     Equity Investments
       ------------------

All investments are valued at fair value as determined in good faith by the
Managing General Partners.

Marketable Equity Securities
----------------------------

Marketable equity securities had aggregate costs of $546,697 and $395,208
at June 30, 2001 and December 31, 2000, respectively, and aggregate fair
values of $456,951 and $233,301 at June 30, 2001 and December 31, 2000,
respectively.  The net unrealized losses at June 30, 2001 and December 31,
2000, included gross gains of $62,721 and $9,250, respectively.

Restricted Securities
---------------------

At June 30, 2001 and December 31, 2000, restricted securities had aggregate
fair values of $2,901,110 and $3,243,053, respectively, representing 120
percent and 115 percent, respectively, of the net assets of the
Partnership.

Prolinx
-------

In May 2001, the company recapitalized and the Partnership's Preferred
shares were converted into 197,436 common shares.  The Partnership also
converted a note, together with interest, totaling $27,355 into 30,394
Series A Preferred shares in conjunction with the recapitalization.


Venture Capital Limited Partnership Investments
-----------------------------------------------

In March and April 2001, the Partnership received stock distributions of
deCODE Genetics Corporation and Inspire Pharmaceuticals, Inc. with fair
market values of $43,983 and $83,781, respectively.  These distributions
were recorded as a return of capital and resulted in a corresponding
decrease in the fair value of the venture capital limited partnership
investment.

Other Equity Investments
------------------------

Other significant changes reflected in the Statements of Investments relate
to market value fluctuations for publicly-traded portfolio companies or
changes in the fair value of private companies as determined in accordance
with the policy described in Note 1 to the financial statements included in
the Partnership's December 31, 2000 Form 10-K.

6.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at June 30, 2001 and December 31, 2000
consisted of:
<CAPTION>
<TABLE>
                                               2001           2000
                                              ------         ------
<S>                                          <C>           <C>
Demand accounts                                $166         $36,873
Money market accounts                            74              72
                                                ---          ------
     Total                                     $240         $36,945
                                                ===          ======
</TABLE>

7.     Short-Term Borrowings
       ---------------------

The Partnership has a borrowing account with a financial institution.  At
June 30, 2001, the borrowing capacity of this account, which fluctuates
based on the market value of the Partnership's Endocare shares pledged as
collateral, was $1,166,630 and the outstanding balance was $806,926.  The
weighted-average interest rate for the six months ended June 30, 2001 was
7.0 percent.  Interest expense totaled $6,897 for the six months ended June
30, 2001.  At August 8, 2001, the borrowing capacity was $1,127,232 and the
outstanding balance was $813,627.

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

Liquidity and Capital Resources
-------------------------------

The General Partners have made loans to the Partnership to finance its
recurring losses from on-going operations and have arranged broker loans on
conventional terms secured by the publicly-traded shares owned by the
Partnership.  Without such loans the Partnership would have been required
to liquidate investments.  The Partnership Agreement provides that the
Partnership will terminate December 31, 2002, unless extended for two
additional two-year periods by the Individual General Partners.  In June
2001, the Individual General Partners directed the Managing General
Partners to proceed with the earliest reasonable termination of the
Partnership after assessing the potential return on the Partnership's
investments in relation to the costs of continued operation.  The Managing
General Partners are currently exploring alternatives for termination of
the Partnership and the liquidation of its investments.  There is no ready
market for many of the Partnership's investments.  The fair value of the
Partnership's investments at June 30, 2001 may differ significantly from a
value that would have been used had the ultimate proceeds from the
liquidation of the investments been known.

The uncertainties arising from these circumstances raise substantial doubt
about the Partnership's ability to continue as a going concern.  The
accompanying interim financial statements do not include any adjustments
that might result from the outcome of these uncertainties.  The Partnership
has been advised by its independent public accountants that should the
uncertainties surrounding the Partnership's future operations remain
unresolved at year-end, their report on those financial statements will be
modified for that contingency.

The Partnership operates as a business development company under the
Investment Company Act of 1940 and makes venture capital investments in new
and developing companies.  The Partnership's financial condition is
dependent upon the success of the portfolio companies.  There is no ready
market for many of the Partnership's investments.  It is possible that some
of its venture capital investments may be a complete loss or may be
unprofitable and that others will appear likely to become successful, but
may never realize their potential.  The valuation of the Partnership's
investments in securities for which there are no available market quotes is
subject to the estimate of the Managing General Partners in accordance with
the valuation guidance described in Note 1 to the financial statements
included in the Partnership's December 31, 2000 Form 10-K.  In the absence
of readily obtainable market values, the estimated fair value of the
Partnership's investments may differ significantly from the values that
would have been used had a ready market existed.

During the six months ended June 30, 2001, net cash used by operating
activities totaled $843,631  The Partnership paid management fees of
$183,708 to the Managing General Partners and reimbursed related parties
for investment expenses of $535,768.  In addition, $19,957 was paid to the
Individual General Partners as compensation for their services.  The
Partnership paid other investment expenses of $104,607.  Interest and
dividend income of $409 was received.

The Partnership has a borrowing account with a financial institution.  At
June 30, 2001, the borrowing capacity of this account, which fluctuates
based on the market value of the Partnership's Endocare shares pledged as
collateral, was $1,166,630 and the outstanding balance was $806,926.  The
weighted-average interest rate for the six months ended June 30, 2001 was
7.0%.  Interest expense totaled $6,897 for the six months ended June 30,
2001.  At August 8, 2001, the borrowing capacity was $1,127,232 and the
outstanding balance was $813,627.

Cash and cash equivalents at June 30, 2001, were $240.

Results of Operations
---------------------

Current quarter compared to corresponding quarter in the preceding year
-----------------------------------------------------------------------

Net increase in partners' capital resulting from operations was $706,231
for the quarter ended June 30, 2001, compared to a net decrease in
partners' capital resulting from operations of $3,720,391 for the same
period in 2000.

Net unrealized appreciation (depreciation) on equity investments was
$241,034 and $(639,046) at June 30 and March 31, 2001, respectively.
During the quarter ended June 30, 2001, the Partnership recorded an
increase in net unrealized appreciation on equity investments of $880,080
compared to a decrease in unrealized appreciation of $3,566,569 during the
quarter ended June 30, 2000.  The change in 2001 was primarily attributable
to an increase in the publicly traded market prices of portfolio companies
in the medical/diagnostic and pharmaceutical industries, partially offset
by a decrease in the fair value of Prolinx, Inc., a private portfolio
company in the biotechnology industry.  The decrease in net unrealized
appreciation on investments for the quarter ended June 30, 2000 was
primarily due to decreases in the market prices of publicly traded
securities and in the fair value of privately held portfolio companies.

Total investment expenses were $175,029 for the quarter ended June 30,
2001, compared to $157,800 for the same period in 2000.  The increase is
primarily attributable to increased administrative and investor services
activity and increased professional fees, partially offset by decreased
investment operations activity.

Given the inherent risk associated with the business of the Partnership,
the future performance of the portfolio company investments may
significantly impact future operations.

Current six months compared to corresponding six months in the preceding
------------------------------------------------------------------------
year
----

Net decrease in partners' capital resulting from operations was $418,213
for the six months ended June 30, 2001, compared to a net decrease in
partners' capital resulting from operations of $1,454,426 for the same
period in 2000.

Net unrealized appreciation on equity investments was $241,034 and $361,408
at June 30, 2001 and December 31, 2000, respectively.  During the six
months ended June 30, 2001, the Partnership recorded a decrease in net
unrealized appreciation on equity investments of $120,374 compared to a
decrease in unrealized appreciation of $1,195,320 for the six months ended
June 30, 2000.  The change in 2001 was primarily attributable to a decrease
in the fair value of Prolinx, Inc., a private portfolio company in the
biotechnology industry, partially offset by an increase in the publicly
traded market price of Endocare, Inc. The decrease in net unrealized
appreciation on investments for the quarter ended June 30, 2000 was
primarily due to decreases in the market prices of publicly traded
securities and in the fair value of privately held portfolio companies.

Total investment expenses were $300,329 for the six months ended June 30,
2001, compared to $266,304 for the same period in 2000.  The increase is
primarily attributable to increased administrative and investor services
activity and increased professional fees, partially offset by decreased
investment operations activity.

II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(a)  No reports on Form 8-K were filed by the Partnership during the
    quarter ended June 30, 2001.



<PAGE>




                              SIGNATURES
                              ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                      TECHNOLOGY FUNDING MEDICAL PARTNERS I, L.P.


                           By:  TECHNOLOGY FUNDING INC.
                                TECHNOLOGY FUNDING LTD.
                                Managing General Partners




Date:  August 13, 2001   By:    /s/Charles R. Kokesh
                                ---------------------
                                   Charles R. Kokesh
                                   President, Chief Executive Officer,
                                   Chief Financial Officer and
                                   Chairman of Technology Funding Inc.
                                   and Managing General Partner of
                                   Technology Funding Ltd.