The placement by way of a subscription agreement for some 45.4 million shares was priced at A$0.22 a share.
Shares in the company were last trading at A$0.24, representing a 40% improvement over the past month and a 243% gain year on year.
The funds will be used to aggressively drive the company's commercialisation plans to position OncoSil as an innovative, new medical radiation treatment for pancreatic cancer and other solid tumours - which have major un-met medical needs.
The OncoSil treatment is an implantable nuclear medicine (radiotherapy) device that has been successfully piloted in pancreatic and liver cancer.
The device is inserted directly into the centre of the tumour using well established technology.
It has clinically demonstrated target tumour regression (tumour shrinkage) in both solid tumour indications of pancreatic and liver cancer.
OncoSil Medical currently has an Investigational Device Exemption (NYSE:IDE) filing in progress with the U.S. Food and Drug Administration (FDA) and concurrently is pursuing Conformité Européenne (NYSE:CE) Mark certification with the European regulatory body for the product.
A clinical trial is required to support a future application to market the product in the U.S. and may represent another potential price catalyst for the company.
The outcome of the FDA process is expected to help characterise the costs, timing and likelihood of its first U.S. approval.
Meanwhile, a CE Mark is the mandatory regulatory designation required to commercially market and sell OncoSil in the European Union, and would also facilitate regulatory approvals, commercialisation and sales of OncoSil in other major markets, including Australia, Canada, and Singapore.
The company was granted a Fast Track review by the European regulator to assess its CE Mark application for OncoSil in pancreatic and primary liver cancer (NYSE:HCC).
This level of investment and financial backing is highly encouraging at this point in time, and represents a strong validation for OncoSil brachytherapy technology and its global commercialisation potential.
This vote of confidence reflects positively on market sentiment regarding the outcome of the FDA submission, which is OncoSil's next catalyst.
A positive outcome could see OncoSil's trial recruiting patients by the second quarter, which could in turn generate further price catalysts for the company on the road to product commercialisation.
The CE Mark, European marketing approval and first sales also represent potential drivers in the foreseeable future for this well performing stock.
OncoSil shares have gained 243% in value year on year and were last trading at A$0.24.
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