Massachusetts-based spinal devices maker InVivo Therapeutics (OTC:NVIV) announced an early call for exercise of warrants issued in 2010, expecting to raise $10.4 million.

Under the terms of the warrants, InVivo has the right to call for early exercise because NVIV shares have traded above $2.80 per share for 20 consecutive days, which occurred yesterday.

The company hopes that the move will "eliminate a major impediment towards the up-listing of the company’s stock to a national securities exchange," according to a press release.

"Since early April 2013 when we announced FDA approval to commence a 1st-in man clinical study for our biopolymer scaffolding to treat spinal cord injuries and Humanitarian Use Device status for the product, Wall Street has taken notice and our stock price has appreciated significantly," InVivo CEO Frank Reynolds said in prepared remarks. "This has permitted us to call the Investor Warrants which will pave the way for an up-listing to a national securities exchange, a milestone that we expect will increase liquidity and unlock additional inherent value in our company."

InVivo is calling for exercise of warrants issued to investors on October 26, 2010, November 10, 2010 and December 3, 2010. Any warrants not exercised by June 3, 2013, will be redeemed and removed from the company’s books.

The new funds the company expects to raise will add to $5.7 million already gathered from warrants exercised since the start of last month, InVivo reported.

NVIV shares were up 1.7% to $3.04 as of about 1:30 p.m. today.