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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, 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.
I. FINANCIAL INFORMATION
Item 1. Financial Statements
STATEMENTS OF NET ASSETS IN LIQUIDATION
- ---------------------------------------
(unaudited)
March 31, December 31,
2004 2003
------------ ------------
ASSETS
Equity investments (cost of
$1,015,035 and $1,015,035 at March
31, 2004, and December 31, 2003,
respectively) $1,346,278 $1,055,374
Cash and cash equivalents 1,456,818 1,363,816
Other assets 3,283 2,994
--------- ---------
Total assets $2,806,379 $2,422,184
========= =========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ -- $ 1,275
Due to related parties 20,001 12,315
--------- ---------
Total liabilities 20,001 13,590
Commitments and contingencies (See Note 7)
Partners' capital
Limited Partners
(79,716 Units outstanding) 2,778,606 2,404,601
General Partners 7,772 3,993
--------- ---------
Total partners' capital 2,786,378 2,408,594
--------- ---------
Total liabilities and
partners' capital $2,806,379 $2,422,184
========= =========
The accompanying notes are an integral part of these financial
statements.
STATEMENTS OF INVESTMENTS IN LIQUIDATION
- ---------------------------------------
Principal
amount or March 31, 2004 December 31, 2003
Industry shares at ----------------- -----------------
(1) Investment March 31, Cost Fair Cost Fair
Company Position Date 2004 Basis Value Basis Value
- ------------- -------- ------ ------------ ----- ----- ----- -----
Equity Investments
- ------------------
Medical/Biotechnology
- ---------------------
17.6% and 16.9% at March 31, 2004, and December 31, 2003, respectively
- ---------------------------------------------------------------------
Acusphere, Inc. Common
(a) shares 2003 61,707 $ 706,251 $ 489,491 $ 706,251 $ 406,341
--------- --------- --------- ---------
706,251 489,491 706,251 406,341
--------- --------- --------- ---------
Medical/Diagnostic Equipment
- ----------------------------
30.6% and 26.7% at March 31, 2004, and December 31, 2003, respectively
- ----------------------------------------------------------------------
LifeCell Common 1996-
Corporation shares 2001 103,877 247,500 851,787 247,500 644,033
--------- --------- --------- ---------
247,500 851,787 247,500 644,033
--------- --------- --------- ---------
Environmental
- -------------
0.0% and 0.0% at March 31, 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
- -----------------------------------------------
0.2% and 0.2% at March 31, 2004, and December 31, 2003, 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 - 48.3% and 43.8% at
March 31, 2003, and December 31, 2003,
respectively $1,015,035 $1,346,278 $1,015,035 $1,055,374
========= ========= ========= =========
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 March 31, 2004, and December 31, 2003.
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION (unaudited)
- -------------------------------------------------------------
For the Three
Months Ended March 31,
-----------------------
2004 2003
---- ----
Investment income:
Interest income $ 2,289 $ 4,564
------- -------
Total investment income 2,289 4,564
Investment expenses:
Management fees 32,275 32,275
Individual General Partners'
compensation 8,125 7,500
Administrative and investor
services 37,405 31,147
Investment operations 5,568 13,163
Professional fees 6,544 14,549
Computer services 5,503 4,345
------- -------
Total investment expenses 95,420 102,979
------- -------
Net investment loss (93,131) (98,415)
------- -------
Net realized loss from write-off
of equity investments -- (716,109)
------- -------
Net realized gain from recovery of
investments previously written off 180,011 --
------- -------
Net decrease in unrealized depreciation
of equity investments 290,904 651,975
------- -------
Net increase (decrease) in partners'
capital resulting from operations $377,784 $(162,549)
======= =======
Net increase (decrease) in partners' capital
resulting from operations per Unit $ 4.69 $ (2.02)
======= =======
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN CASH FLOWS (unaudited)
- ----------------------------------------------
For the Three Months Ended March 31,
------------------------------------
2004 2003
------ ------
Net increase (decrease) in partners'
capital resulting from operations $ 377,784 $ (162,549)
Adjustments to reconcile net decrease
in partners' capital resulting
from operations to net cash (used)
provided by operating activities:
Realized loss from write-off of
equity investments -- 716,109
Realized gain of investment previously
Written off (180,011) --
Net decrease in unrealized depreciation
of equity investments (290,904) (651,975)
Net changes in operating assets and
liabilities:
Accounts payable
and accrued expenses (2,537) (3,608)
Due from related parties 7,686 (168,380)
Other changes, net 973 342
--------- ---------
Net cash (used)provided by
operating activities 87,009 (270,061)
--------- ---------
Net increase (decrease) in cash and
cash equivalents 93,002 (270,061)
Cash and cash equivalents at beginning
of year 1,363,816 1,825,441
--------- ---------
Cash and cash equivalents at March 31 $1,456,818 $1,555,380
========= =========
The accompanying notes are an integral part of these financial statements.
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 expires 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
March 31, 2004, and December 31, 2003, was $1,056,807 and $1,056,807,
respectively. At March 31, 2004, and December 31, 2003, gross unrealized
appreciation and depreciation on investments based on cost for federal
income tax purposes were as follows:
March 31, December 31,
2004 2003
---------- ------------
Unrealized appreciation $604,287 $396,533
Unrealized depreciation (314,812) (425,052)
------- -------
Net unrealized appreciation
(depreciation) $289,475 $(28,519)
======= =======
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 three months ended March 31, 2004 and 2003, were as follows:
2004 2003
------ ------
Management fees $32,275 $32,275
Individual General Partners' compensation 8,125 7,500
Reimbursable operating expenses 34,624 32,313
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
$7,250 and $5,049 and are included in due to related parties at March 31,
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 $12,751 at March 31,
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 March 31, 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 $247,500 at March 31,
2004, and December 31, 2003, and aggregate fair values of $851,791 and
$644,057 at March 31, 2004, and December 31, 2003, respectively. The net
unrealized gain at March 31, 2004, included gross gains of $604,291. The
gross gains at December 31, 2003, were $396,533.
Restricted Securities
- ---------------------
At March 31, 2004, and December 31, 2003, restricted securities had
aggregate costs of $767,530 and $767,530, respectively, and aggregate fair
values of $494,490 and $411,335, respectively, representing 17.6 percent
and 17.0 percent of the net assets of the Partnership, respectively.
Significant purchases, sales and write-offs of equity investments during
the quarter ended March 31, 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.
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. Cash and Cash Equivalents
-------------------------
Cash and cash equivalents at March 31, 2004, and December 31, 2003,
consisted of:
2004 2003
------ ------
Demand accounts $ 192,024 $ 1,291
Money market accounts 1,264,794 1,362,525
--------- ---------
Total $1,456,818 $1,363,816
========= =========
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 March 31, 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
--------------------
For The Three Months Ended March 31,
-----------------------------------
2004 2003
------ ------
(all amounts on a per Unit basis)
Net asset value, beginning of period $30.26 $24.95
Income (loss) from investment operations:
Net investment loss (1.16) (1.22)
Net realized and unrealized
gain on investments 5.85 (0.80)
----- -----
Total from investment operations 4.69 (2.02)
----- -----
Net asset value, end of period $34.95 $22.93
===== =====
Total return 15.50% (8.09)%
Ratios to average net assets:
Net investment loss (3.55)% (5.10)%
Expenses 3.67% 5.40%
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 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, 2003, 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 three months ended March 31, 2004, net cash used by operating
activities totaled $87,009. The Partnership paid management fees of
$32,275 to the Managing General Partners and reimbursed related parties for
investment expenses of $26,938. In addition, $8,125 was paid to the
Individual General Partners as compensation for their services. The
Partnership paid other investment expenses of $21,960. Interest income of
$2,289 was received.
Cash and cash equivalents at March 31, 2004, were $1,456,818. 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 $377,784
for the three months ended March 31, 2004, compared to a net decrease in
partners' capital resulting from operations of $162,549 for the same period
in 2003.
Net unrealized appreciation on equity investments was $331,243 and $40,339
at March 31, 2004, and December 31, 2003, respectively. During the quarter
ended March 31, 2004, the Partnership recorded a decrease in net unrealized
depreciation on equity investments of $290,904, compared to a decrease in
unrealized depreciation of $651,975 during the quarter ended March 31,
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 write-off of the Partnership's entire
investment in Prolinx, Inc.
Total investment expenses were $95,420 for the quarter ended March 31,
2004, compared to $102,979 for the same period in 2003. 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.
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 March 31, 2004.
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: May 13, 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
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