Massachusetts-based spinal devices maker InVivo Therapeutics (OTC:NVIV) hopes to up-list to a national stock exchange now that it’s has paid down significant debts.

Through calls for the early exercise of warrants InVivo fully eliminated the $24.6 million warrant liability listed on its books earlier this year, the company reported this week.

"We are pleased with the addition of  $15.6 million of cash from the warrant call which strengthens our balance sheet," CEO Frank Reynolds said in prepared remarks. "With the resultant elimination of the $24.6 million warrant liability from our books, the last major impediment to up-listing to a national securities exchange has been removed. We expect that an up-listing to a national securities exchange will increase liquidity and unlock inherent value in our stock."

InVivo called for the early exercise of all warrants issued on Oct. 26, 2010, Nov. 10, 2010, and Dec. 3, 2010. The call notice period ended earlier this week with 100% of the investor warrants exercised, according to a press release.

Together with warrants exercised in April, InVivo raised $16.1 million gross, which amounted to about $15.6 million after expenses. As of June 3, 2013, the company has $23.6 million in cash on hand and total stockholders’ equity of $23.7 million.

NVIV shares were up 0.8% to $3.93 as of about 9:40 a.m. today. That’s an 18% increase from their opening price of $3.33 on Monday, June 3.