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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): September 5, 2000
TECHNOLOGY FUNDING MEDICAL PARTNERS I, L.P.
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(Exact name of Registrant as specified in its charter)
Commission File No. 814-124
Delaware 94-3166762
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2000 Alameda de las Pulgas, Suite 250
San Mateo, California 94403
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(Address of principal executive offices) (Zip Code)
(650) 345-2200
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(Registrant's telephone number, including area code)
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Item 4. Changes in Registrant's Certifying Accountant.
(a) Resignation of Independent Accountants
(i) On September 5, 2000, the Partnership received notice that
KPMG LLP resigned as the Partnership's independent
accountant.
(ii) The reports of KPMG LLP on the financial statements of the
Partnership for each of the past two fiscal years, ended
December 31, 1998 and 1999, contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principles.
(iii) KPMG LLP resigned without providing the Partnership any
opportunity to approve or disapprove their resignation. The
Partnership is engaged in the process of selecting new
independent accountants and has authorized KPMG LLP to
respond fully to any inquiries made by any successor
accountants, including with respect to the event described
in paragraph (a) (v) below.
(iv) During the Partnership's two most recent fiscal years and
through September 5, 2000, the Partnership has had no
disagreement with KPMG LLP on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreement, if not
resolved to the satisfaction of KPMG LLP, would have caused
it to make reference to the subject matter of the
disagreement in its report on the financial statements of
the Partnership for such years.
(v) During the Partnership's two most recent fiscal years and
through September 5, 2000, the Partnership has had no
reportable events (as defined in Item 304 (a)(1)(v) of
Regulation S-K), except as follows:
KPMG LLP did not complete their review of the June 30, 2000
financial statements included in the Registrant's 10-Q filed
on August 14, 2000. On Saturday, August 12, 2000, KPMG LLP
orally advised the Managing General Partners that they would
be unable to complete their review of the June 30, 2000
financial statements unless they were provided a copy of an
independent third party's report used by the Managing
General Partners in determining the fair value of
investments in good faith; they further advised that the
report must be addressed to KPMG LLP and specifically state
that they be allowed to rely upon said report. Prior to
August 12, 2000, KPMG LLP had not informed the Registrant
that such documentation was needed by them to complete their
quarterly review. Similar documentation has not been
requested in connection with any previous KPMG LLP audit or
quarterly review of the Registrant's financial statements.
KPMG LLP read a draft copy of the report and was advised
that while every attempt would be made to have it issued in
final, signed form prior to the 10-Q due date of August 14,
2000, it was unlikely that would happen due to the vacation
schedule of the independent third party. At that time, the
KPMG LLP Partner advised the Managing General Partner's
Controller that the report as reviewed was satisfactory and
that the review could be completed as soon as a signed copy
was received as long as it contained the provision that KPMG
LLP be allowed to rely upon said report. As expected, KPMG
LLP was not provided a final, signed report prior to
Registrant's EDGAR filing deadline. On August 14, 2000, KPMG
LLP issued a letter stating that they had been unable to
complete the June 30, 2000 quarterly review of the
Registrant.
The final, signed report, which does not differ in substance
from the draft read by the KPMG LLP partner prior to our 10-
Q filing except to include a statement that KPMG LLP could
rely on said report, has been offered to KPMG LLP so that
they could complete the review. However, KPMG LLP resigned
without completing the review or notifying the Registrant of
the reason they were unable to complete the review.
Subsequent to the oral advice of their intent to resign,
KPMG LLP stated they would have needed an independent
appraisal of each of the Partnership's portfolio companies
in order to complete the review. KPMG LLP acknowledged on
September 12, 2000 that they had not informed the Managing
General Partners at any time prior to the August 14, 2000
10-Q deadline that independent appraisals would be necessary
to complete the review. The Registrant made every effort to
supply KPMG LLP with adequate documentation to complete
their June 30, 2000 quarterly review. However, it was not
possible to obtain the documentation requested on August 12,
2000 prior to the filing date of August 14, 2000. It was
also not possible to act upon the subsequent request for
independent appraisals prior to August 14, 2000.
The Partnership will request that its new independent
accountants perform a review of the June 30, 2000 financial
statements.
(vi) The Partnership has requested that KPMG LLP furnish it with
a letter addressed to the Securities and Exchange Commission
stating whether or not it agrees with the statements made
above. As of September 12, 2000, this letter was not
available to the Registrant. However, pursuant to Item 304
(a) (3) of Regulation S-K, a copy of such letter will be
filed by amendment within two business days of receipt, but
not later than ten business days after this original filing.
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SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Technology Funding Medical Partners I, L.P.
By: Technology Funding Inc.
Technology Funding Ltd.
Managing General Partners
Date: September 12, 2000 By: /s/ Charles R. Kokesh
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Charles R. Kokesh
President, Chief Executive Officer,
Chief Financial Officer and Chairman
of Technology Funding Inc. and
Managing General Partner of
Technology Funding Ltd.
