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  "documentTitle": "Berkeley Lights (BLI)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-09-15 00:00:00",
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  "notes": "Uses a combination of screenshot evidence and CEO quotes to build a case of corporate misrepresentation.",
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      "kind": "callout",
      "text": "At every chance, the CEO talks up how much Amgen loves the machine – so much so that the entire bull case seems to be that “Amgen likes it.”",
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      "text": "BLI “Customers” page lists only four",
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      "text": "As we detail later, two senior scientists at Amgen and BLI ex-employees painted an entirely different picture. Moreover, the “Customers” page on BLI’s site lists only 4 customers, only one of which is a pharma/biotech company and two of which seem too small to have actually paid for a $2MM machine – Amgen; Genovac, a North Dakota-based contract research organization (CRO) with 15 employees on LinkedIn; Abveris, another CRO with 32 employees listed; and Catalent, a public CRO/CMO. Oddly missing are testimonials from Pfizer, Novartis, Bristol Myers, Gilead, AbbVie, IQVIA, Takeda, Lonza, UCSF, NIH, and other “users.”",
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      "text": "We noticed red flags on BLI’s “customer testimonials” page. At every chance, the CEO talks up how much Amgen loves the machine – so much so that the entire bull case seems to be that “Amgen likes it.”",
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      "kind": "quote",
      "text": "They [Amgen] had a big problem there. And we solved that problem. Now Amgen, the -- all cell lines are coming out of Amgen are made on Berkeley Lights Beacon, right?",
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      "text": "Due to the superiority of our workflows, Amgen has shut down legacy cell line development process and converted wholly to Berkeley Lights...",
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      "kind": "quote",
      "text": "And case in point is that we worked on cell line development with Amgen early on. That was one of our early partners. And once they got a hold of our technology and saw how they could use it, they’ve dramatically -- they’ve switched wholesale over to Berkeley Lights to make cell lines at Amgen.",
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      "kind": "quote",
      "text": "“Due to the superiority of our workflows, Amgen has shut down legacy cell line development process and converted wholly to Berkeley Lights, and we're working through a similar process in antibody discovery. I think this is a great example of how we expand across our customers' organizations…” — BLI CEO, 1/12/21, JP Morgan conference; “They [Amgen] had a big problem there. And we solved that problem. Now Amgen, the -- all cell lines are coming out of Amgen are made on Berkeley Lights Beacon, right?” — CEO, 3/4/21, Cowen conference; “And case in point is that we worked on cell line development with Amgen early on. That was one of our early partners. And once they got a hold of our technology and saw how they could use it, they've dramatically -- they've switched wholesale over to Berkeley Lights to make cell lines at Amgen.” — BLI CEO, 3/24/21, KeyBanc conference",
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      "text": "Source: BLI website customer testimonials page, https://www.berkeleylights.com/customer-spotlights/; : Scorpion Capital consultation calls with experts",
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      "text": "1) Introduction to the real Berkeley Lights; warning signs of a looming collapse and other red flags",
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