<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 March 31, 1999

                                    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)

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)
                                       March 31,         December 31,
                                         1999               1998
                                     ------------       ------------
<S>                                   <C>               <C>
ASSETS

Equity investments (cost basis of
 $4,208,359 in 1999 and 1998)         $5,911,544         5,671,650
Cash and cash equivalents                  1,085               387
Other assets                               4,970               920
                                       ---------         ---------
     Total assets                     $5,917,599         5,672,957
                                       =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses $   25,672            38,899
Due to related parties                   190,867            84,157
Short-term borrowings                    247,059           202,436
                                       ---------         ---------
     Total liabilities                   463,598           325,492

Commitments, contingencies and
 subsequent event (Notes 3, 4, and 6)

Partners' capital:
 Limited Partners (79,716 Units
  outstanding)                         3,777,957         3,909,982
 General Partners                        (27,141)          (25,808)
 Net unrealized fair value increase
  from cost of equity investments      1,703,185         1,463,291
                                       ---------         ---------
     Total partners' capital           5,454,001         5,347,465
                                       ---------         ---------
     Total liabilities and
       partners' capital              $5,917,599         5,672,957
                                       =========         =========
</TABLE>

See accompanying notes to financial statements.


<PAGE>
STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                                        For the Three
                                                        Months Ended
                                                          March 31, 
                                                   -----------------------
                                                     1999           1998
                                                     ----           ----
<S>                                               <C>            <C>
Income:
 Short-term investment interest                   $     --            224
 Dividend income                                     4,032          4,449
                                                   -------        -------

  Total income                                       4,032          4,673

Costs and expenses:
 Management fees                                    39,649         39,649
 Individual General Partners'
  compensation                                       9,635          4,299
 Amortization of organizational
  costs                                                 --          2,000
 Operating expenses:
  Administrative and investor
   services                                         52,075         51,294
  Investment operations                             12,643         25,882
  Professional fees                                  6,564          5,478
  Computer services                                 12,201         14,975
  Interest expense                                   4,623             --
                                                   -------        -------

  Total operating expenses                          88,106         97,629
                                                   -------        -------

  Total costs and expenses                         137,390        143,577
                                                   -------        -------

Net operating loss                                (133,358)      (138,904)

Net realized loss from sales
  of equity investments                                 --           (400)
                                                   -------        -------

Net realized loss                                 (133,358)      (139,304)

Change in net unrealized fair
 value of equity investments                       239,894       (254,109)
                                                   -------        -------

Net income (loss)                                 $106,536       (393,413)
                                                   =======        =======

Net realized loss per Unit                        $  (1.66)         (1.73)
                                                   =======        =======
</TABLE>
See accompanying notes to financial statements. 

<PAGE>
STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                      For the Three Months Ended March 31,
                                      ------------------------------------
                                               1999             1998
                                              ------           ------
<S>                                           <C>             <C>
Cash flows from operating activities:
 Interest received                          $      --              224
 Dividend income received                       4,032            4,449
 Cash paid to vendors                         (44,788)         (25,470)
 Cash paid to related parties                  (3,169)        (135,153)
                                              -------        ---------
  Net cash used by operating activities       (43,925)        (155,950)
                                              -------        ---------
Cash flows from investing activities:
 Proceeds from the sales of equity
  investments                                      --            2,730
                                              -------        ---------
  Net cash provided by investing activities        --            2,730
                                              -------        ---------
Cash flows from financing activities:
 Proceeds from short-term borrowings, net      44,623               --
                                              -------        ---------
  Net cash provided by financing activities    44,623               --

Net increase (decrease) in cash and 
 cash equivalents                                 698         (153,220)
Cash and cash equivalents at beginning
 of year                                          387          157,137
                                              -------        ---------
Cash and cash equivalents at March 31       $   1,085            3,917
                                              =======        =========
Reconciliation of net income (loss) to 
 net cash used by operating activities:

Net income (loss)                           $ 106,536         (393,413)

Adjustments to reconcile net income (loss)
 to net cash used by operating activities:
  Amortization of organizational costs             --            2,000
  Change in net unrealized fair value
   of equity investments                     (239,894)         254,109
  Net realized loss from sales of equity
   investments                                     --              400

Changes in:
  Accounts payable and accrued expenses       (13,227)          (3,102)
  Due to/from related parties                 106,710          (16,442)
  Other changes, net                           (4,050)             498
                                              -------        ---------
Net cash used by operating activities       $ (43,925)        (155,950)
                                              =======        =========
</TABLE>
See accompanying notes to financial statements.

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

1.     General
       -------

In the opinion of the Managing General Partners, the Balance Sheets as of 
March 31, 1999, and December 31, 1998, and the related Statements of 
Operations and Statements of Cash Flows for the three months ended March 
31, 1999 and 1998, reflect all adjustments which are necessary for a fair 
presentation of the financial position, results of operations and cash 
flows for such periods.  These statements should be read in conjunction 
with the Annual Report on Form 10-K for the year ended December 31, 1998.  
The following notes to financial statements for activity through March 31, 
1999, supplement those included in the Annual Report on Form 10-K. 
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.     Financing of Partnership Operations
       -----------------------------------

The Managing General Partners expect cash received from the future 
liquidation of Partnership investments and short-term borrowings will 
provide the necessary liquidity to fund Partnership operations.  The 
Partnership may be dependent upon the financial support of the Managing 
General Partners to fund operations if future proceeds are not received 
timely.  The Managing General Partners have committed to support the 
Partnership's working capital requirements through short-term advances as 
necessary.

3.     Related Party Transactions
       --------------------------

Related party costs are included in costs and expenses shown on the 
Statements of Operations.  Related party costs for the three months ended 
March 31, 1999 and 1998, were as follows:

<TABLE>
<CAPTION>
                                               1999              1998
                                              ------            ------
<S>                                         <C>               <C>
Management fees                             $ 39,649            39,649
Individual General Partners' compensation      9,635             4,299
Amortization of organizational costs              --             2,000
Reimbursable operating expenses               60,595            74,763
</TABLE>

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 $164,434 and $60,724 at March 31, 1999 and at December 31, 
1998, respectively.

Pursuant to the Partnership Agreement, the Partnership shall reimburse the 
Managing General Partners for operational costs incurred by the Managing 
General Partners in conjunction with the business of the Partnership.  The 
Partnership may not reimburse the Managing General Partners for operational 
costs that aggregate more than 3% of total Limited Partner capital 
contributions of the Partnership in each year through the first five years 
of operations after the termination of unit sales and 1.5% in any year 
thereafter.  For purposes of this limitation, the Partnership's operating 
year begins May 3rd.  As of March 31, 1999 and 1998, no operational 
expenses were absorbed by the General Partners.

Management fees payable were $26,433 and $23,433 at March 31, 1999 and 
December 31, 1998, respectively.



<PAGE>

4.     Equity Investments
       ------------------
<TABLE>
A complete listing of the Partnership's equity investments at December 31, 1998, is in the 
1998 Annual Report on Form 10-K.  Activity from January 1 through March 31, 1999, consisted 
of:
<CAPTION>
                                                                    January 1 through
                                                                     March 31, 1999
                                                                ------------------------
                                                  Principal
                                    Investment    Amount or         Cost         Fair
Industry/Company      Position         Date         Shares          Basis        Value
----------------      --------      ----------    ----------      ---------    ---------
<S>                   <C>           <C>           <C>            <C>           <C>

Balance at January 1, 1999                                       $4,208,359    5,671,650
                                                                  ---------    ---------
Significant changes:

Medical/Diagnostic Equipment
----------------------------
Endocare,              Common          08/96-
 Inc.                  shares          01/97      152,400                 0      311,353

Pharmaceuticals
---------------
Megabios               Common          09/94-
 Corp.                 shares          07/95      100,424                 0      (74,014)
                                                                  ---------    ---------

Total significant changes                                                 0      237,339

Other changes, net                                                        0        2,555
                                                                  ---------    ---------

Total equity investments at March 31, 1999                       $4,208,359    5,911,544
                                                                  =========    =========


</TABLE>

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

Marketable equity securities had aggregate costs of $984,268 at both March 
31, 1999, and December 31, 1998 and aggregate fair values of $1,080,169 and 
$868,154 at March 31, 1999 and December 31, 1998, respectively.  The net 
unrealized gain and loss at March 31, 1999, and December 31, 1998, included 
gross gains of $183,920 and $118,852, respectively.  

Megabios Corp.
--------------

In May 1999, the company changed its name to Valentis, Inc.

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

Other significant changes reflected above relate to market value 
fluctuations or the elimination of a discount relating to selling 
restrictions for publicly traded portfolio companies.

5.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at March 31, 1999, and December 31, 1998, 
consisted of:
<TABLE>
<CAPTION>
                                               1999           1998
                                              ------         ------
<S>                                       <C>              <C>
Demand accounts                               $1,016             263
Money-market accounts                             69             124
                                               -----         -------
     Total                                    $1,085             387
                                               =====         =======
</TABLE>

6.     Short-Term Borrowings
       ---------------------

The Partnership has a borrowing account with a financial institution.  At 
March 31, 1999, the borrowing capacity of this account, which fluctuates 
based on collateral value, was $0 and the outstanding balance was $247,059.  
The weighted-average interest rate for the three months ended March 31, 
1999 was 8.25%.  Interest expense was $4,623 for the three months ended 
March 31, 1999.  The Partnership's investments in Megabios Corp. and Axys 
Pharmaceuticals, Inc. are pledged as collateral.

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

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

During the three months ended March 31, 1999, net cash used by operating 
activities totaled $43,925.  The Partnership paid management fees of 
$36,649 to the Managing General Partners and received advances from the 
Managing General Partners totaling $43,115 to fund its operations.  In 
addition, $9,635 was paid to the Individual General Partners as 
compensation for their services.  The Partnership paid other operating 
expenses of $44,788.  Dividend income of $4,032 was received.

The Partnership has a borrowing account with a financial institution.  The 
borrowing capacity of this account which fluctuates based on collateral 
value was $0 and the outstanding balance was $247,059 at March 31, 1999.  
The Partnership's investments in Megabios Corp. and Axys Pharmaceuticals, 
Inc. are pledged as collateral.  The Partnership, if required to by the 
lender, intends to repay this borrowing from the proceeds of investment 
sales or support from the Managing General Partners.

Cash and cash equivalents at March 31, 1999, were $1,085.  Future proceeds 
from investment sales and operating cash reserves along with Managing 
General Partners' support are expected to be adequate to fund Partnership 
operations through the next twelve months.

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

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

Net income was $106,536 for the three months ended March 31, 1999, compared 
to a net loss of $393,413 for the same period in 1998.  The improvement was 
primarily due to a $494,003 increase in net unrealized fair value of equity 
investments.

The Partnership recorded an increase in equity investment fair value of 
$239,894 for the three months ended March 31, 1999 compared to a decrease 
of $254,109 for the same period in 1998.  The 1999 increase was primarily 
due to an increase in the medical/diagnostic equipment industries, 
partially offset by a decrease in the pharmaceuticals industry.  The 1998 
decrease was primarily due to decreases in the pharmaceutical and 
medical/diagnostic equipment industries.

Total operating expenses were $88,106 for the quarter ended March 31, 1999, 
compared to $97,629 for the same period in 1998.  The decrease is 
attributable to decreased investment monitoring 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.

YEAR 2000
---------

Widespread use of computer programs that use two digits rather than four to 
store, calculate, and display year values in dates may cause computer 
systems to malfunction in the year 2000, resulting in significant business 
delays and disruptions.

The Partnership's State of Readiness
------------------------------------

Computer services are provided to the Partnership by its Managing General 
Partner, Technology Funding Inc. ("TFI".) For several years, TFI has sought 
to use Year 2000 compliant storage formats and algorithms in its 
internally-developed and maintained systems.  TFI has also completed 
initial evaluations of computer systems, software, and embedded 
technologies.  Those evaluations confirmed that certain components of its 
network server hardware and operating systems, voice mail system, e-mail 
system, and accounting software may have Year 2000 compliance issues.  
These resources and several less-critical components of the systems 
environment were all scheduled as part of normal maintenance and 
replacement cycles to be replaced or upgraded as Year 2000 compatible 
components became available from vendors during 1998 and 1999.  That 
program remains on schedule to provide Year 2000 capable systems timely 
without significant expenditures or disruption of Partnership operations.  
However, the risk remains that TFI may not be able to verify whether Year 
2000 compatibility claims by vendors are accurate, or whether changes 
undertaken to achieve Year 2000 compatibility will create other undetected 
problems in associated systems.  Therefore, TFI anticipates that Year 2000 
compliance testing and maintenance of these systems will continue as needed 
into the first quarter of 2000.  

As part of Year 2000 evaluation, TFI has also assembled a database listing 
its significant suppliers to assess the extent to which it needs to prepare 
for any of those parties' potential failure to remediate their Year 2000 
compliance issues.  TFI is reviewing public Year 2000 statements of those 
suppliers and preparing questionnaires to be sent to mission-critical 
vendors whose public statements were not adequate for assessment.  TFI will 
continue to monitor its significant suppliers as part of its Year 2000 
evaluation.  However, there can be no guarantee that the systems of other 
companies on which TFI relies will be timely converted, or that failure to 
convert will not have a material adverse effect on the Partnership and its 
operations.  TFI is also working with the Partnership's portfolio companies 
to determine the extent to which their operations are vulnerable to Year 
2000 issues.  There can be no guarantee that the systems of portfolio 
companies in which the Partnership has invested will be timely converted, 
or that failure to convert will not have a material adverse effect on the 
Partnership.  

The Cost to Address Year 2000 Issues
------------------------------------

Expenditures in 1999 to date related to Year 2000 issues were not material 
to the Partnership's financial statements.  TFI expects that additional 
expenditures for Year 2000 compliance will not be material to the 
Partnership.  

The Risks Associated with Year 2000 Issues
------------------------------------------

Any failure by the portfolio companies in which the Partnership has 
invested, or by those portfolio companies' key suppliers or customers, to 
anticipate and avoid Year 2000 related problems at reasonable cost could 
have a material adverse effect on the value of and/or the timing of 
realization of value from the Partnership's investments.  If Year 2000 
compliance issues are not resolved by December 31, 1999, internal system 
failures or miscalculations could cause a temporary inability to process 
transactions, loss of ability to send or receive e-mail and voice mail 
messages, or disruptions in other normal business activities.  
Additionally, failure of third parties on whom TFI relies to remediate 
their Year 2000 issues timely could result in disruptions in the 
Partnership's relationship with its financial institutions, temporary 
disruptions in processing transactions, unanticipated costs, and problems 
related to the Partnership's daily operations.  While TFI continues to 
address its internal Year 2000 issues, until TFI receives and evaluates 
responses from a significant number of its suppliers, the overall risks 
associated with the Year 2000 issue remain difficult to describe and 
quantify.  There can be no guarantee that the Year 2000 issue will not have 
a material adverse effect on the Partnership and its operations.

TFI's Contingency Plan
----------------------

As part of its normal efforts to assure business continuation in the event 
of natural disasters, systems failures, or other disruptions, TFI has 
prepared contingency plans including an extensive Year 2000 contingency 
plan.  Taken together with TFI's Year 2000 remediation plan, it identifies 
potential points of failure, approaches to correcting known Year 2000 
problems, dates by which the preferred corrections are anticipated to be 
made and tested, and alternative approaches if the corrections are not 
completed timely or are later found to be inadequate.  Although backup 
systems and contingency approaches have been identified for most mission-
critical systems and vendor dependencies, there remain some systems for 
which no good alternative exists, and there may be some problems that prove 
more intractable than currently anticipated.  

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 March 31, 1999.

(b)  Financial Data Schedule for the three months ended and as of March 31,
    1999 (Exhibit 27).

<PAGE>



                              SIGNATURES
                              ----------

Pursuant to the requirements of Section 13 or 15(d) 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.
                              Managing General Partner






Date:  May 14, 1999   By:         /s/Michael R. Brenner
                              -----------------------------------
                                     Michael R. Brenner
                                     Controller