<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, 2003

                                    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)

1107 Investment Boulevard, Suite 180
El Dorado Hills, California                                    94403
---------------------------------------                       --------
(Address of principal executive offices)                     (Zip Code)

                              (916) 941-1400
             --------------------------------------------------
            (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
                                                             ---   ---

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12B-2 of the Act).             Yes   No X
                                                      ---  ---

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

Forward-Looking Statements
--------------------------

The Private Securities Litigation Reform Act of 1995 (the Act) provides
a safe harbor for forward-looking statements made by or on behalf of the
Partnership.  The Partnership and its representatives may from time to
time make written or oral statements that are "forward-looking,"
including statements contained in this report and other filings with the
Securities and Exchange Commission, and reports to the Partnership's
shareholders and news releases.  All statements that express
expectations, estimates, forecasts and projections are forward-looking
statements within the meaning of the Act.  In addition, other written or
oral statements, which constitute forward-looking statements, may be
made by or on behalf of the Partnership.  Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates,"
"projects," "forecasts," "may," "should," variations of such words and
similar expressions are intended to identify such forward-looking
statements.  These statements are not guarantees of future performance
and involve certain risks, uncertainties and assumptions, which are
difficult to predict.  Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in or suggested by such
forward-looking statements.  The Partnership undertakes no obligation to
update publicly any forward-looking statements, whether as a result of
new information, future events or otherwise.




<PAGE>
I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

STATEMENTS OF NET ASSETS IN LIQUIDATION
---------------------------------------
<TABLE>
<CAPTION>
                                           (unaudited)
                                            June 30,        December 31,
                                              2003               2002
                                          ------------       ------------
<S>                                       <C>                <C>
ASSETS

Equity investments (cost of
 $1,249,035 and $1,965,144 at June
 30, 2003, and December 31, 2002,
 respectively)                             $  774,917        $  338,171
Cash and cash equivalents                   1,500,402         1,825,441
Other assets                                       --               683
                                            ---------         ---------
     Total assets                          $2,275,319        $2,164,295
                                            =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses      $   10,484       $    24,216
Due to related parties                          3,652           139,308
                                            ---------         ---------
     Total liabilities                         14,136           163,524

Commitments and contingencies (See Note 7)

Partners' capital
 (79,716 Limited Partner Units
  outstanding)                              2,258,664         2,009,298
 General Partners                               2,519            (8,527)
                                            ---------         ---------
     Total partners' capital                2,261,183         2,000,771
                                            ---------         ---------
     Total liabilities and
       partners' capital                   $2,275,319        $2,164,295
                                            =========         =========
</TABLE>
The accompanying notes are an integral part of these financial
statements.



<PAGE>
STATEMENTS OF INVESTMENTS IN LIQUDATION
---------------------------------------
<TABLE>
<CAPTION>
                                         Principal
                                         amount or         June 30, 2003        December 31, 2002
Industry                                 shares at       -----------------      -----------------
(1)                         Investment   June 30,        Cost        Fair       Cost        Fair
Company             Position   Date        2003          Basis       Value      Basis       Value
-------------       --------  ------   ------------      -----       -----      -----       -----
<S>                <C>        <C>      <C>          <C>        <C>       <C>         <C>
Equity Investments
------------------

Medical/Biotechnology
---------------------
10.6% and 1.0% at June 30, 2003, and December 31, 2002, respectively
--------------------------------------------------------------------
Acusphere, Inc.    Preferred   1995-
 (a)               shares      1997      340,635   $  706,251   $240,144  $  706,251    $      0
Prolinx, Inc.      Preferred
 (a) (b)           shares      2001           --           --         --      27,355       2,733
Prolinx, Inc.      Common      1995-
 (a) (b)           shares      1998           --           --         --     688,461      17,768
Prolinx, Inc.      Preferred
 (a) (b)           share
                   warrants
                   at $.90;
                   expiring
                   2010        2001           --           --         --         293           0
                                                    ---------    -------   ---------     -------
                                                      706,251    240,144   1,422,360      20,501
                                                    ---------    -------   ---------     -------


STATEMENTS OF INVESTMENTS IN LIQUIDATION (continued)
---------------------------------------------------

Medical/Diagnostic Equipment
----------------------------
23.3% and 14.6% at June 30, 2003, and December 31, 2002, respectively
---------------------------------------------------------------------
LifeCell           Common      1996-
 Corporation       shares      2001      103,877      247,500    529,773     247,500     312,670
                                                    ---------    -------   ---------     -------
                                                      247,500    529,773     247,500     312,670
                                                    ---------    -------   ---------     -------

Pharmaceuticals
---------------
0.0% and 0.0% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Periodontix,       Preferred   1993-
 Inc. (a)          shares      1996      167,000      234,000          0     234,000           0
                                                    ---------    -------   ---------     -------
                                                      234,000          0     234,000           0
                                                    ---------    -------   ---------     -------

Environmental
-------------
0.0% and 0.0% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Triangle
 Biomedical
 Sciences,         Common
 Inc. (a)          shares      1999          366       10,248          0      10,248           0


STATEMENTS OF INVESTMENTS IN LIQUIDATION (continued)
---------------------------------------------------
Triangle           Common
 Biomedical        share
 Sciences,         warrant
 Inc. (a)          at $28.00;
                   expiring
                   2009        1999          366          366          0         366           0
                                                    ---------    -------   ---------     -------
                                                       10,614          0      10,614           0
                                                    ---------    -------   ---------     -------

Venture Capital Limited Partnership Investments
-----------------------------------------------
0.2% and 0.2% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Medical Science    Limited
 Partners II, L.P. Partnership
 (a)               interests   various  $250,000       50,670      5,000      50,670       5,000
                                                    ---------    -------   ---------     -------
                                                       50,670      5,000      50,670       5,000
                                                    ---------    -------   ---------     -------
Total equity investments - 34.1% and  15.8% at
 June 30, 2003, and December 31, 2002,
 respectively                                      $1,249,035   $774,917  $1,965,144    $338,171
                                                    =========    =======   =========     =======



STATEMENTS OF INVESTMENTS IN LIQUIDATION (continued)
---------------------------------------------------

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, 2003, and December 31, 2002.

</TABLE>


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



<PAGE>

STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION (unaudited)
-------------------------------------------------------------

<TABLE>
<CAPTION>
                                                    For the Three Months       For the Six Months
                                                       Ended June 30,            ended June 30,
                                                    ---------------------    ---------------------
                                                      2003         2002          2003         2002
                                                     ------       ------        ------       ------
<S>                                              <C>            <C>          <C>          <C>
Investment income:
 Interest income                                   $  3,818     $  7,315    $    8,382    $  16,043

Investment expenses:
 Management fees                                     30,847       35,684        63,122       71,368
 Individual General Partners' compensation            7,500        4,295        15,000       14,000
 Administrative and investor services                26,866       84,581        58,013      152,077
 Investment operations                                1,290        4,832        14,453       19,315
 Professional fees                                   11,793       47,939        26,342       63,340
 Computer services                                    3,441       11,332         7,786       20,997
                                                    -------      -------     ---------      -------
  Total investment expenses                          81,737      188,663       184,716      341,097
                                                    -------      -------     ---------      -------
Net investment loss                                 (77,919)    (181,348)     (176,334)    (325,054)
                                                    -------      -------     ---------      -------


STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION (unaudited) (continued)
-------------------------------------------------------------------------

Net realized loss from write-off of
  equity investment                                      --           --      (716,109)          --


Net decrease (increase) in unrealized
  depreciation of equity investments                500,880     (881,200)    1,152,855     (752,796)
                                                    -------    ---------     ---------    ---------
Net increase (decrease) in partners'
  capital resulting from operations                $422,961  $(1,062,548)   $  260,412  $(1,077,850)
                                                    =======    =========     =========    =========
Net increase (decrease) in partners' capital
  resulting from operations per Unit               $   5.15  $    (13.20)   $     3.13  $    (13.39)
                                                    =======    =========     =========    =========
</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,
                                         ---------------------------------
                                               2003             2002
                                              ------           ------
<S>                                           <C>             <C>
Net increase (decrease) in partners'
 capital resulting from operations         $  260,412      $(1,077,850)

Adjustments to reconcile net increase
 (decrease) in partners' capital
 resulting from operations to net cash
 used by operating activities:
  Net (decrease) increase in unrealized
   depreciation of equity investments      (1,152,855)          752,796
  Realized loss from write-off of equity
   investments                                716,109                --
  Decrease in accounts payable and accrued
   expenses                                   (13,732)          (5,694)
  Decrease in due to related
   parties                                   (135,656)         (18,772)
  Other changes, net                              683            1,056
                                            ---------        ---------
Net cash used by operating activities        (325,039)        (348,464)
                                            ---------        ---------
Cash and cash equivalents at beginning
 of year                                    1,825,441        2,378,800
                                            ---------        ---------
Cash and cash equivalents at June 30       $1,500,402      $ 2,030,336
                                            =========        =========

</TABLE>

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



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

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

The accompanying unaudited financial statements included herein have been
prepared in accordance with the requirements of Form 10-Q and, therefore,
do not include all information and footnotes, which would be presented,
were such financial statements prepared in accordance with generally
accepted accounting principles in the United States of America.  These
statements should be read in conjunction with the Annual Report on Form 10-
K for the year ended December 31, 2002.  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.
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.  The results of operations for such interim
periods are not necessarily indicative of results of operations to be
expected for the full year.

2.    Termination and Liquidation of the Partnership
      ----------------------------------------------

The Partnership term expired on December 31, 2002, per the Partnership
Agreement, and the Independent General Partners elected not to extend the
term as provided in the Partnership Agreement.  In December 2002, the
Managing General Partners adopted a plan of liquidation.  In anticipation
of the liquidation and dissolution, the Individual General Partners, in
March 2002, approved the retention of an independent third party to value
the Partnership's private holding and subsequently engaged the third party
to seek buyers for those investments.  One of those holdings was sold prior
to December 31, 2002.  After a diligent effort, the independent third party
was unable to find buyers for the remaining assets. Subsequently, the
Managing General Partners determined that the fair value of the
Partnership's investments in portfolio companies totaled $338,171. As of
March 31, 2003, the Partnership's $716,109 investment in Prolinx, Inc. was
written off.

The Individual General Partners did not foresee a liquidity event for
either of the two remaining investments, Acusphere, Inc. and Medical
Science Partners II, L.P., and in June 2003, approved a motion to make a
charitable donation of the holdings to an appropriate beneficiary.
However, on July 1, 2003, Acusphere filed a registration statement with the
Securities and Exchange Commission ("SEC") for an initial public offering.
At a Special Meeting on July 30, 2003, the Individual General Partners
rescinded their earlier action to donate the remaining assets and
unanimously directed the Managing General Partners to wait for Acusphere to
go public and then take the earliest possible exit opportunity in light of
market conditions.  In an effort to reduce operating expenses in the
interim, the Partnership plans to file a proxy statement seeking Limited
Partner approval of the withdrawal of the Partnership's election to be
regulated as a Business Development Company ("BDC") and the amendment of
the Partnership Agreement to allow the Individual General Partners to
resign after the Form 15 withdrawing the BDC election is filed and accepted
by the SEC.

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 of America, which may
not equate to tax accounting.  The cost of investments on a tax basis at
June 30, 2003, and December 31, 2002, was $1,415,809 and $2,131,918,
respectively.  At June 30, 2003, and December 31, 2002, gross unrealized
appreciation and depreciation on investments based on cost for federal
income tax purposes were as follows:

<TABLE>
<CAPTION>
                                         June 30,      December 31,
                                           2003            2002
                                        ----------     ------------
<S>                                      <C>               <C>
Unrealized appreciation                 $ 282,269      $    65,170
Unrealized depreciation                  (923,161)      (1,858,917)
                                          -------        ---------
Net unrealized depreciation             $(640,892)     $(1,793,747)
                                          =======        =========
</TABLE>

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

Related party costs are included in investment expenses shown on the
Statements of Changes in Net Assets in Liquidation.  Related party costs
for the six months ended June 30, 2003 and 2002, were as follows:
<CAPTION>
<TABLE>
                                               2003              2002
                                              ------            ------
<S>                                        <C>                <C>
Management fees                             $ 63,122           $71,368
Individual General Partners' compensation     15,000            14,000
Operating expenses reimbursed to
 related parties                              69,477           150,166

</TABLE>

Management fees are equal to 2 percent of the total Limited Partner capital
contributions for the first year of Partnership operations through the
sixth year.  Beginning in the seventh year (May 2001), management fees
declined by 10 percent per year from the initial 2 percent.  Management
fees compensate the Managing General Partners solely for general partner
overhead (as defined in the Partnership Agreement) incurred in supervising
the operation and management of the Partnership and the Partnership's
investments.  Management fees due to the Managing General Partners were
$9,331 and $10,758 at June 30, 2003, and December 31, 2002, respectively,
and were netted against due from related parties at June 30, 2003, and
included in due to related parties at December 31, 2002.

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.  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 from related parties for such expenses were $5,679 at June 30,
2003.  Amounts due to related parties were $128,550 at December 31, 2002.

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, 2003, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Endocare, Inc.
options with a fair value of $17,969.

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 $247,500 at June 30,
2003, and December 31, 2002, and aggregate fair values of $529,773 and
$312,670 at June 30, 2003, and December 31, 2002, respectively.  The net
unrealized gain at June 30, 2003, equaled the gross gains of $282,269.  The
gross gains at December 31, 2002, were $65,170.

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

At June 30, 2003, and December 31, 2002, restricted securities had
aggregate costs of $1,001,535 and $1,717,644, respectively, and aggregate
fair values of $245,144 and $25,501, respectively, representing 10.8
percent and 1.2 percent of the net assets of the Partnership, respectively.

Significant purchases, sales and write-offs of equity investments during
the six months ended June 30, 2003, are as follows:

Prolinx, Inc.
-------------

In March 2003, the Partnership wrote off its entire investment of $716,109
in Prolinx, Inc., a private portfolio company in the biotechnology
industry.  Prolinx, Inc. filed for Chapter 7 bankruptcy on March 27, 2003.
There is no anticipated recovery for the shareholders.

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, 2002, Form 10-K.

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

Cash and cash equivalents at June 30, 2003, and December 31, 2002,
consisted of:
<TABLE>
<CAPTION>
                                               2003           2002
                                              ------         ------
<S>                                            <C>             <C>
Demand accounts                           $    8,000      $   71,400
Money market accounts                      1,492,402       1,754,041
                                           ---------       ---------
     Total                                $1,500,402      $1,825,441
                                           =========       =========
</TABLE>

7.     Commitments and Contingencies
       -----------------------------

From time to time the Partnership becomes a party to financial instruments
with off-balance-sheet risk in the normal course of its business.
Generally, these instruments are commitments for future equity investment
fundings, equipment financing commitments, or accounts receivable lines of
credit that are outstanding but not currently fully utilized by a borrowing
company.  As they do not represent current outstanding balances, these
unfunded commitments are properly not recognized in the financial
statements.  At June 30, 2003, there were no unfunded investment
commitments to portfolio companies and venture capital limited
partnerships.

From time to time, the Partnership is subject to routine litigation
incidental to the business of the Partnership.  Although there can be no
assurances as to the ultimate disposition of these matters and the
proceeding disclosed above, it is the opinion of the Managing General
Partners, based upon the information available at this time, that the
expected outcome of these matters, individually or in the aggregate, will
not have a material adverse effect on the results of operations and
financial condition of the Partnership.

8.     Financial Highlights
       --------------------
<TABLE>
<CAPTION>
                                     For The Six Months Ended June 30,
                                     --------------------------------
                                             2003          2002
                                            ------        ------
<S>                                         <C>            <C>
(all amounts on a per Unit basis)
Net asset value,
 beginning of period                        $25.24       $50.08

Loss from investment
 operations:
  Net investment loss                        (2.12)       (4.04)
  Net realized and unrealized
   gain (loss) on investments                 5.25        (9.35)
                                             -----        -----
  Total from investment
   operations                                 3.13       (13.39)
                                             -----        -----
Net asset value, end of period              $28.37       $36.69
                                             =====        =====


Total return                                  12.40%      (26.73)%

Ratios to average net assets:

 Net investment loss                          (7.90)%      (9.31)%

 Expenses                                      8.65%        9.86%

</TABLE>

Pursuant to the Partnership Agreement, net profit shall be allocated first
to those Partners with deficit capital account balances until such deficits
have been eliminated.  The net asset values shown above assume the
Partnership is in liquidation and capital has been contributed by the
General Partners equal to the amount of deficit capital, in any, after
liquidation at June 30, 2003. Net asset value has been calculated in
accordance with this provision of the Partnership Agreement.

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

The Partnership term expired on December 31, 2002, per the Partnership
Agreement, and the Independent General Partners elected not to extend the
term as provided in the Partnership Agreement.  In December 2002, the
Managing General Partners adopted a plan of liquidation.  In anticipation
of the liquidation and dissolution, the Individual General Partners, in
March 2002, approved the retention of an independent third party to value
the Partnership's private holding and subsequently engaged the third party
to seek buyers for those investments.  One of those holdings was sold prior
to December 31, 2002.  After a diligent effort, the independent third party
was unable to find buyers for the remaining assets. Subsequently, the
Managing General Partners determined that the fair value of the
Partnership's investments in portfolio companies totaled $338,171. As of
March 31, 2003, the Partnership's $716,109 investment in Prolinx, Inc. was
written off.

The Individual General Partners did not foresee a liquidity event for
either of the two remaining investments, Acusphere, Inc. and Medical
Science Partners II, L.P., and in June 2003, approved a motion to make a
charitable donation of the holdings to an appropriate beneficiary.
However, on July 1, 2003, Acusphere filed a registration statement with the
Securities and Exchange Commission ("SEC") for an initial public offering.
At a Special Meeting on July 30, 2003, the Individual General Partners
rescinded their earlier action to donate the remaining assets and
unanimously directed the Managing General Partners to wait for Acusphere to
go public and then take the earliest possible exit opportunity in light of
market conditions.  In an effort to reduce operating expenses in the
interim, the Partnership plans to file a proxy statement seeking Limited
Partner approval of the withdrawal of the Partnership's election to be
regulated as a Business Development Company ("BDC") and the amendment of
the Partnership Agreement to allow the Individual General Partners to
resign after the Form 15 withdrawing the BDC election is filed and accepted
by the SEC.

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

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, 2002, 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, 2003, net cash used by operating
activities totaled $325,039.  The Partnership paid management fees of
$63,122 to the Managing General Partners and reimbursed related parties for
investment expenses of $205,133.  In addition, $15,000 was paid to the
Individual General Partners as compensation for their services.  The
Partnership paid other investment expenses of $50,166. Interest income of
$8,382 was received.

Cash and cash equivalents at June 30, 2003, were $1,500,402.  Future
proceeds from investment sales and operating cash reserves 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 increase in partners' capital resulting from operations was $422,961
for the quarter ended June 30, 2003, compared to a net decrease in
partners' capital resulting from operations of $1,062,548 for the same
period in 2002.

Net unrealized depreciation on equity investments was $474,118 and
$1,626,973 at June 30, 2003, and December 31, 2002, respectively.  During
the quarter ended June 30, 2003, the Partnership recorded a decrease in net
unrealized depreciation on equity investments of $500,880 compared to an
increase in unrealized depreciation of $881,200 during the quarter ended
June 30, 2002.  The change in 2003 was attributable to an increase in the
fair value of Acusphere, Inc., a private portfolio company in the
biotechnology industry, an increase in the publicly traded price of
LifeCell Corporation, and the write-off of the Partnership's entire
investment in Prolinx, Inc.  The change in 2002 was primarily attributable
to a decrease in the fair value of Prolinx, Inc.

Total investment expenses were $81,737 for the quarter ended June 30, 2003,
compared to $188,663 for the same period in 2002.  The decrease is
attributable to decreased administrative and investor services 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 $422,961
for the six months ended June 30, 2003, compared to a net decrease in
partners' capital resulting from operations of $1,077,850 for the same
period in 2002.

During the six months ended June 30, 2003, the Partnership wrote off its
entire investment in Prolinx, Inc., a private portfolio company in the
biotechnology industry.  The company filed for bankruptcy in March 2003,
and there is no anticipated recovery for the shareholders. There were no
write-offs during the same period in 2002.

Net unrealized depreciation on equity investments was $474,118 and $433,074
at June 30, 2003, and December 31, 2002, respectively.  During the six
months ended June 30, 2003, the Partnership recorded a decrease in net
unrealized depreciation on equity investments of $1,152,855 compared to an
increase in unrealized depreciation of $752,796 for the six months ended
June 30, 2002. The change in 2003 was attributable to an increase in the
fair value of Acusphere, Inc., a private portfolio company in the
biotechnology industry, an increase in the publicly traded price of
LifeCell Corporation, and the write-off of the Partnership's entire
investment in Prolinx, Inc.  The change in 2002 was primarily attributable
to a decrease in the fair value of Acusphere, Inc.

Total investment expenses were $184,716 for the six months ended June 30,
2003, compared to $341,097 for the same period in 2002.  The decrease is
primarily attributable to decreased administrative and investor services
activity and decreased professional fees.

Item 4.  Procedures and Controls

The undersigned is responsible for establishing and maintaining disclosure
controls and procedures for Technology Funding Medical Partners I, L.P.
Such officer has concluded (based upon his evaluation of these controls and
procedures as of a date within 90 days of the filing of this report) that
Technology Funding Medical Partners I, L.P.'s disclosure controls and
procedures are effective to ensure that information required to be
disclosed by Technology Funding Medical Partners I, L.P. in this report is
accumulated and communicated to Technology Funding Medical Partners I,
L.P.'s management, including its principal executive officers as
appropriate, to allow timely decisions regarding required disclosure.

The certifying officer also has indicated that there were no significant
changes in Technology Funding Medical Partners I, L.P.'s internal controls
or other factors that could significantly affect such controls subsequent
to the date of their evaluation other than changes needed to maintain
adequate separation of duties and responsibilities of personnel in the
ordinary course of business, and there were no corrective actions with
regard to significant deficiencies and material weaknesses.



                              CERTIFICATION
                              -------------

I, Charles R. Kokesh, President, Chief Executive Officer, Chief Financial
Officer and Chairman of Technology Funding Inc. and Managing General
Partner of Technology Funding Ltd., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Technology Funding
Medical Partners I, L.P.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and I have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant is made known to me by others within
the entity, particularly during the period in which this quarterly report
is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and
c) presented in this quarterly report my conclusions about the
effectiveness of the disclosure controls and procedures based on my
evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the
registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of my most
recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.


Date:   August 11, 2003            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.

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, 2003.




<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 11, 2003    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.




                             CERTIFICATION
                             -------------

In connection with the Technology Funding Medical Partners I, L.P. (the
Partnership) Quarterly Report on Form 10-Q for the period ending June
30, 2003, as filed with the Securities and Exchange Commission (the
Report), I, Charles R. Kokesh, President, Chief Executive Officer, Chief
Financial Officer and Chairman of Technology Funding Inc. and Managing
General Partner of Technology Funding Ltd., certify, pursuant to 18
U.S.C. Section 1350, as added Section 906 of the Sarbanes-Oxley Act of
2002, that:

1. The Report fully complies with the requirements of Section 15(d)
of the Securities Exchange Act of 1934; and

2. To my knowledge, the information contained in the Report fairly
presents, in all material respects, the financial condition and
results of operations of the Partnership as of and for the period
covered by the Report.


Date:   August 11, 2003      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.