Advanced Oncotherapy PLC on Tuesday said it is continuing to consider funding options to allow it to complete its first Light machine and begin treating patients later this year.

Light is a proton therapy system for cancer treatment, developed by Advanced Oncotherapy. The company needs funding to complete the building in Daresbury, England that houses the therapy treatment area designed and built to host cancer patients.

As part of a review of funding options, Advanced Oncotherapy said it has been considering a listing on Nasdaq in the US. To allow this, the company said it has decided to start a review of the options available to it, including a possible sale to Nasdaq-quoted listing vehicles. Consequently, the company has begun a formal sale process.

Advanced Oncotherapy said it isn’t currently in discussion with any potential bidder, noting that there can be no certainty that an offer will be made for the company.

Away from the formal sale process, Advanced Oncotherapy said it is in discussions with investors to raise additional funding under the loan note agreement announced in March. It said it is confident on concluding this additional financing, which would extend the company’s cash runway until the end of May.

Shares in Advanced Oncotherapy were down 1.7% at 2.58 pence on Tuesday morning in London, giving a market capitalisation of £13.8 million. The stock is down 89% over the past 12 months.

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