AN hasn't wasted their money. PMCB has been their cash infusion ATM machine in the past. Salmons & Gunzburg get consulting salaries on the side. While charging PMCB manufacturing costs. It's also free publicity for AN, trying to build their business.
Then the 3 Mousekateers. Where else could they get their bloated salaries by issuing PR pumps over 6 yrs? Why wouldn't they waste all of this valuable time (of theirs?), while selling stock to retail to pay for salaries?
So why didn't AN get funding back in 2000? Because there was no success in Lohr's ad hoc studies.