NorthWest Biotherapeutics Inc (NWBO)

[Baxers]

I think this disclaimer is merely to avoid regulatory oversight. If a firm markets financial advice to retail investors in the US, they fall under the heavy jurisdiction of the SEC and FINRA. By stating the report is not for the USA and only for qualified investors, First Berlin is stating that they are not soliciting US retail business, thus exempting themselves from expensive and strict US compliance rules.

As for why have this report done by a European firm not a US firm, there could be a number of reasons:
- Cost.
- The same reason as above, avoiding US regulatory oversight.
- Geographic vicinity to UK MHRA/ known investors/ potential future partners. It could make sense to hire a firm that sits in that time zone and speaks to European institutional funds that might be more familiar with the European regulatory landscape.
- Impressions. It might give the impression of being a more independent piece of analysis.