<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, 2004

                                    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 Blvd., Suite 180
   El Dorado Hills, California                                   95762
---------------------------------------                       --------
(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,
                                              2004               2003
                                          ------------       ------------
<S>                                       <C>                <C>
ASSETS

Equity investments (cost of
 $964,364 and $1,015,035 at June
 30, 2004, and December 31, 2003,
 respectively)                             $1,561,460        $1,055,374
Cash and cash equivalents                     351,637         1,363,816
Other assets                                       --             2,994
                                            ---------         ---------
     Total assets                          $1,913,097        $2,422,184
                                            =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses      $       --        $    1,275
Due to related parties                          3,847            12,315
                                            ---------         ---------
     Total liabilities                          3,847            13,590

Commitments and contingencies (See Note 8)


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

Partners' capital:
 Limited Partners
   (79,716 Units outstanding)               1,899,886         2,404,601
 General Partners                               9,364            3,993
                                            ---------         ---------

     Total partners' capital                1,909,250         2,408,594
                                            ---------         ---------

     Total liabilities and
       partners' capital                   $1,913,097        $2,422,184
                                            =========         =========
</TABLE>

























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


<PAGE>
STATEMENTS OF INVESTMENTS IN LIQUIDATION
---------------------------------------
<TABLE>
<CAPTION>
                                         Principal
                                         amount or         June 30, 2004        December 31, 2003
Industry                                 shares at       -----------------      -----------------
(1)                         Investment   June 30,        Cost       Fair        Cost        Fair
Company             Position   Date        2004          Basis      Value       Basis       Value
-------------       --------  ------   ------------      -----      -----       -----       -----
<S>                <C>        <C>       <C>        <C>        <C>         <C>        <C>
Equity Investments
------------------

Medical/Biotechnology
---------------------
20.7% and 16.9% at June 30, 2004, and December 31, 2003, respectively
---------------------------------------------------------------------
Acusphere, Inc.    Common
 (a)               shares      2003       61,707   $  706,250 $  394,925  $  706,251  $  406,341
                                                    ---------  ---------   ---------   ---------
                                                      706,250    394,925     706,251     406,341
                                                    ---------  ---------   ---------   ---------

Medical/Diagnostic Equipment
----------------------------
61.1% and 26.7% at June 30, 2004, and December 31, 2003, respectively
---------------------------------------------------------------------
LifeCell           Common      1996-
 Corporation       shares      2001      103,877      247,500  1,166,535     247,500     644,033
                                                    ---------  ---------   ---------   ---------
                                                      247,500  1,166,535     247,500     644,033
                                                    ---------  ---------   ---------   ---------
STATEMENTS OF INVESTMENTS IN LIQUIDATION (continued)
----------------------------------------------------

Environmental
-------------
0.0% and 0.0% at June 30, 2004, and December 31, 2003, respectively
-------------------------------------------------------------------
Triangle
 Biomedical
 Sciences,         Common
 Inc. (a)          shares      1999          366       10,248          0      10,248           0
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
-----------------------------------------------
0.0% and 0.2% at June 30, 2004, and December 31, 2003, respectively
-------------------------------------------------------------------
Medical Science    Limited
 Partners II, L.P. Partnership
 (a)               interests   various  $250,000            0          0      50,670       5,000
                                                    ---------  ---------   ---------   ---------
                                                            0          0      50,670       5,000
                                                    ---------  ---------   ---------   ---------


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

Total equity investments - 81.8% and  43.8% at
 June 30, 2004, and December 31, 2003,
 respectively                                      $  964,364 $1,561,460  $1,015,035  $1,055,374
                                                    =========  =========   =========   =========

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, 2004, and December 31, 2003.

</TABLE>








he 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,
                                                    ---------------------    ---------------------
                                                      2004         2003          2004         2003
                                                     ------       ------        ------       ------
<S>                                                <C>          <C>           <C>        <C>
Investment income:
 Interest income                                   $  1,493     $  3,818      $  3,782   $    8,382

Investment expenses:
 Management fees                                    (32,275)      30,847            --       63,122
 Individual General Partners' compensation            7,500        7,500        15,625       15,000
 Administrative and investor services                40,179       26,866        77,584       58,013
 Investment operations                                3,557        1,290         9,125       14,453
 Professional fees                                   28,875       11,793        35,419       26,342
 Computer services                                    9,659        3,441        15,162        7,786
                                                    -------      -------       -------    ---------
  Total investment expenses                          57,495       81,737       152,915      184,716
                                                    -------      -------       -------    ---------
Net investment loss                                 (56,002)     (77,919)     (149,133)    (176,334)
                                                    -------      -------       -------    ---------


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

Net realized loss from write-off of
  equity investment                                 (50,671)          --       (50,671)    (716,109)
                                                    -------      -------       -------    ---------
Net realized gain from the recovery
  of investments previously written off                  --           --       180,011           --
                                                    -------      -------       -------    ---------
Net increase in unrealized
  appreciation of equity investments                265,853      500,880       556,757    1,152,855
                                                    -------      -------       -------    ---------
Net increase in partners'
  capital resulting from operations                $159,180     $422,961      $536,964   $  260,412
                                                    =======      =======       =======    =========
Net increase in partners' capital
  resulting from operations per Unit               $   1.98     $   5.15      $   6.67   $     3.13
                                                    =======      =======       =======    =========
</TABLE>
















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


<PAGE>
STATEMENTS OF CHANGES IN CASH FLOWS (unaudited)
----------------------------------------------
<TABLE>
<CAPTION>
                                         For the Six Months Ended June 30,
                                         ---------------------------------
                                               2004             2003
                                              ------           ------
<S>                                        <C>              <C>
Net increase in partners'
 capital resulting from operations         $  536,964       $  260,412

Adjustments to reconcile net increase
 in partners' capital resulting
 from operations to net cash used
 by operating activities:
  Realized loss from write-off of
   equity investments                          50,671          716,109
  Realized gain from investments previously
   written off                               (180,011)              --
  Net increase in unrealized appreciation
   of equity investments                     (556,757)      (1,152,855)
  Net changes in operating assets and
   liabilities:
    Accounts payable and accrued expenses      (1,275)         (13,732)
    Due from related parties                   (8,468)        (135,656)
    Other changes, net                          2,994              683
                                            ---------        ---------
Net cash used by
 operating activities                        (155,882)        (325,039)
                                            ---------        ---------


STATEMENTS OF CHANGES IN CASH FLOWS (unaudited) (continued)
-----------------------------------------------------------

Cash flows from investing activities:
 Realized gain from investments
  previously written off                      180,011               --
                                            ---------        ---------
Net cash provided by investing activities     180,011               --
                                            ---------        ---------
Cash flows from financing activities:
 Distributions to Limited Partners         (1,036,308)              --
                                            ---------        ---------
Net cash used by financing activities      (1,036,308)              --
                                            ---------        ---------
Net decrease in cash and
 cash equivalents                          (1,012,179)        (325,039)

Cash and cash equivalents at beginning
 of year                                    1,363,816        1,825,441
                                            ---------        ---------

Cash and cash equivalents at June 30       $  351,637       $1,500,402
                                            =========        =========

</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, 2003.  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 holdings and subsequently engaged the third party
to seek buyers for those investments.  One of those holdings was sold in
2002.  No buyers were located for the remaining holdings.  In October 2003,
Acusphere, Inc., a private company in the biotechnology industry, conducted
an initial public offering.  Prior to the offering, the Partnership's
shares were subject to a reverse split.  Those shares were subject to a
180-day lock-up period which expired in April 2004.  The Individual General
Partners, acting as Trustee for the Partnership, directed the Managing
General Partners to sell the Partnership's publicly traded holdings at the
earliest possible time in light of existing market conditions.  It is
possible there will be no liquidity events or willing buyers for the
remaining privately held assets.  The Liquidating Trustee will consider a
number of options, including abandonment of the assets, donations to an
appropriate beneficiary or distribution to the Limited Partners.  Upon
dissolution of the Partnership, a final distribution will be made to
Limited Partners.

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, 2004, and December 31, 2003, was $964,364 and $1,056,807,
respectively.  At June 30, 2004, and December 31, 2003, gross unrealized
appreciation and depreciation on investments based on cost for federal
income tax purposes were as follows:

<TABLE>
<CAPTION>
                                         June 30,      December 31,
                                           2004            2003
                                        ----------     ------------
<S>                                      <C>              <C>
Unrealized appreciation                  $919,035         $396,533
Unrealized depreciation                  (321,940)        (425,052)
                                          -------          -------
Net unrealized appreciation
 (depreciation)                          $597,095         $(28,519)
                                          =======          =======
</TABLE>

New Accounting Pronouncements
-----------------------------

In November 2002, the FASB issued FASB Interpretation No. 45 (FIN 45),
"Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others."  FIN 45 requires
a guarantor to recognize a liability at the inception of the guarantee for
the fair value of obligations it has assumed under that guarantee and also
requires more detailed disclosure in its financial statements with respect
to such guarantees.  FIN 45 is effective for guarantees issued or modified
after December 31, 2002, and requires additional disclosure for existing
guarantees.  The adoption of FIN 45 did not have a material effect on the
Partnership's results of operation or financial position.

In December 2003, the American Institute of Certified Public Accountants
(AICPA) issued Statement of Position 03-4 (SOP 03-4), "Reporting Financial
Highlights and Schedule of Investments by Nonregistered Investment
Partnerships: An Amendment to the Audit and Accounting Guide 'Audits of
Investment Companies' (the Guide) and AICPA Statement of Position 95-2 (SOP
95-2), 'Financial Reporting by Nonpublic Investment Partnerships.'"  SOP
03-4 provides guidance on the application of certain provisions in the
Accounting Guide and SOP 95-2 that are directed to the reporting by
nonregistered investment partnerships of financial highlights and the
schedule of investments.  It amends certain provisions of the Guide and SOP
95-2 by adapting those provisions to nonregistered investment partnerships
based on their differences in organizational structures from registered
investment companies. SOP 03-4 is effective for annual financial statements
issued for fiscal years ending after December 15, 2003.  The adoption of
SOP 03-4 did not have a material effect on the Partnership.

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, 2004 and 2003, were as follows:

<TABLE>
<CAPTION>
                                               2004              2003
                                              ------            ------
<S>                                          <C>               <C>
Management fees                              $     0           $63,122
Individual General Partners' compensation     15,625            15,000
Reimbursable operating expenses               69,978            69,477
</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.  The Managing General Partners voted to cease paying
management fees retroactive to January 1, 2004.  Management fees due to the
Managing General Partners were $0 and $5,049 and are included in due to
related parties at June 30, 2004, and December 31, 2003, respectively.

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 to related parties for such expenses were $3,847 at June 30,
2004.  Amounts due from related parties were $7,266 at December 31, 2003.

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, 2004, the Partnership and affiliated
partnerships had no indirect interest in non-transferable options.

Retention bonuses were offered to and accepted by key employees of the
Managing General Partners in late 2002.  The bonuses, incremented by annual
salary increases, will be paid to those individuals who are still full-time
employees of the Managing General Partners in April 2007.  Upon the
resignation of personnel, no adjustment to the retention bonus amount
previously paid by the Partnership to the Managing General Partners shall
occur until a replacement person is hired.

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 $953,750 and $247,500
at June 30, 2004, and December 31, 2003, and aggregate fair values of
$1,561,460 and $644,057 at June 30, 2004, and December 31, 2003,
respectively.  The net unrealized gain at June 30, 2004, included gross
gains of $919,038.  The gross gains at December 31, 2003, were $396,533.



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

At June 30, 2004, and December 31, 2003, restricted securities had
aggregate costs of $10,614 and $767,530, respectively, and aggregate fair
values of $0 and $411,335, respectively, representing 0.0 percent and 17.0
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, 2004, were as follows:

RedCell, Inc. (subsequently ConjuChem, Inc.)
--------------------------------------------

The Partnership received $180,011 for payment of notes receivable from the
company that had been written off in 1998.  The payment was recorded as a
realized gain.  Prior to 1998, RedCell was acquired by another company, and
the new entity was renamed ConjuChem, Inc.  However, the notes receivable
remained in RedCell's name.  In February 2004, the remaining RedCell entity
sold ConjuChem shares it had acquired in the acquisition to repay its
remaining notes in full.

Medical Science Partners II, L.P.
---------------------------------

In June 2004, the Partnership wrote off its entire remaining investment in
the venture capital limited partnership, realizing a loss of $50,671.
Medical Science Partners II, L.P., terminated on December 31, 2003. In May
2004, the Partnership received notice from Medical Science Partners II that
it will receive a final distribution from this investment consisting of
shares in six privately held companies with a total fair value of $139,363
and $8,026 in cash.

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

Other significant changes reflected in the Statements of Investments in
Liquidation 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, 2003, Form
10-K.



6.     Subsequent Events
       -----------------

In July 2004, the Partnership, through a series of transactions, sold
17,241 shares in LifeCell Corporation at an average price of $9.51 per
share, for total gross proceeds of $164,039, with an expected realized gain
of $122,960.  As of June 30, 2004, LifeCell is valued at its then closing
market price of $11.23 per share.  Assuming the Partnership used the
subsequent sale price of $9.51 per share as the market price for LifeCell
as of June 30, 2004, the Partnerships unrealized appreciation on equity
investments would have been $378,089 as compared to $556,757, which is
reflected in the accompanying financial statements. As of August 11, 2004,
the closing market price for LifeCell was $8.60, as compared with $11.23 at
June 30, 2004.  In August, 2004 the Partnership sold 14,338 shares of
Acusphere Inc., for total gross proceeds of $86,796, with an expected
realized gain of $14,877.

7.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at June 30, 2004, and December 31, 2003,
consisted of:

<TABLE>
<CAPTION>
                                               2004           2003
                                              ------         ------
<S>                                         <C>           <C>
Demand accounts                             $ 86,897      $    1,291
Money market accounts                        264,740       1,362,525
                                             -------       ---------
     Total                                  $351,637      $1,363,816
                                             =======       =========
</TABLE>

8.     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, 2004, 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.

9.     Financial Highlights
       --------------------
<TABLE>
<CAPTION>
                                         For The Six Months Ended June 30,
                                         ---------------------------------
                                                2004          2003
                                               ------        ------
<S>                                             <C>          <C>
(all amounts on a per Unit basis)
Net asset value, beginning of period           $17.28        $25.24
Income (loss) from investment operations:
  Net investment loss                           (1.85)        (2.12)
  Net realized and unrealized
   gain on investments                           8.52          5.25
                                                -----         -----
  Total from investment operations               6.67          3.13
                                                -----         -----
Net asset value, end of period                 $23.95        $28.37
                                                =====         =====

Total return                                    38.59%        12.40%

Ratios to average net assets:

 Net investment loss                            (8.98)%       (7.90)%
 Expenses                                        9.30%         8.65%

</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.  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 holdings and subsequently engaged the third party
to seek buyers for those investments.  One of those holdings was sold in
2002.  No buyers were located for the remaining holdings.  In October 2003,
Acusphere, Inc., a private company in the biotechnology industry, conducted
an initial public offering.  Prior to the offering, the Partnership's
shares were subject to a reverse split.  Those shares were subject to a
180-day lock-up period.  The Individual General Partners, acting as Trustee
for the Partnership, directed the Managing General Partners to sell the
Partnership's publicly traded holdings at the earliest possible time in
light of existing market conditions.  It is possible there will be no
liquidity events or willing buyers for the remaining privately held assets.
The Liquidating Trustee will consider a number of options, including
abandonment of the assets, donations to an appropriate beneficiary or
distribution to the Limited Partners.  Upon dissolution of the Partnership,
a final distribution will be made to Limited Partners.

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

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 holdings and subsequently engaged the third party
to seek buyers for those investments.  One of those holdings was sold in
2002.  No buyers were located for the remaining holdings.  In October 2003,
Acusphere, Inc., a private company in the biotechnology industry, conducted
an initial public offering.  Prior to the offering, the Partnership's
shares were subject to a reverse split.  Those shares were subject to a
180-day lock-up period which expired in April 2004.  The Individual General
Partners, acting as Trustee for the Partnership, directed the Managing
General Partners to sell the Partnership's publicly traded holdings at the
earliest possible time in light of existing market conditions.  It is
possible there will be no liquidity events or willing buyers for the
remaining privately held assets.  The Liquidating Trustee will consider a
number of options, including abandonment of the assets, donations to an
appropriate beneficiary or distribution to the Limited Partners.  Upon
dissolution of the Partnership, a final distribution will be made to
Limited Partners.

During the six months ended June 30, 2004, net cash used by operating
activities totaled $155,882.  The Partnership paid management fees of $0 to
the Managing General Partners and reimbursed related parties for investment
expenses of $78,446.  In addition, $15,625 was paid to the Individual
General Partners as compensation for their services.  The Partnership paid
other investment expenses of $65,593. Interest income of $3,782 was
received.

Cash and cash equivalents at June 30, 2004, were $351,637.  A cash
distribution of $1,036,308 was made in May 2004 to Limited Partners.  Upon
dissolution of the Partnership, a final distribution will be made to the
Limited Partners.

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

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

Net increase in partners' capital resulting from operations was $159,180
for the quarter ended June 30, 2004, compared to a net increase in
partners' capital resulting from operations of $422,961 for the same period
in 2003.

Net unrealized appreciation on equity investments was $597,096 and $40,339
at June 30, 2004, and December 31, 2003, respectively.  During the quarter
ended June 30, 2004, the Partnership recorded an increase in net unrealized
appreciation on equity investments of $265,853 compared to an increase in
unrealized appreciation of $500,880 during the quarter ended June 30, 2003.
The change in 2004 was primarily attributable to an increase in the
publicly traded price of LifeCell Corporation. The change in 2003 was
primarily attributable to the publicly traded price of Acusphere Inc.

Total investment expenses were $57,495 for the quarter ended June 30, 2004,
compared to $81,737 for the same period in 2003.  The decrease is
attributable to decreased management fees.

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 increase in partners' capital resulting from operations was $536,964
for the six months ended June 30, 2004, compared to a net increase in
partners' capital resulting from operations of $260,412 for the same period
in 2003.

Net unrealized appreciation on equity investments was $478,118 and $40,339
at June 30, 2004, and December 31, 2003, respectively.  During the six
months ended June 30, 2004, the Partnership recorded an increase in net
unrealized appreciation on equity investments of $556,757, compared to an
increase in unrealized appreciation of $1,152,855 for the six months ended
June 30, 2003.  The change in 2004 was primarily attributable to an
increase in the publicly traded price of LifeCell Corporation. The change
in 2003 was primarily attributable to the publicly traded price of
Acusphere Inc.

Total investment expenses were $152,915 for the six months ended June 30,
2004, compared to $184,716 for the same period in 2003.  The decrease is
attributable to decreased management fees.

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

Item 4.  Controls and Procedures

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 Partners III, 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.

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, 2004.



<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 12, 2004  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.



Technology Funding Medical Partners I
(a Delaware limited partnership)

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