AcelRx Pharmaceuticals (ACRX) shares rose nearly 10% on Thursday after the company announced successful results in the last of three Phase 3 studies evaluating ARX-04 (sufentanil sublingual tablet 30 mcg) for the management of moderate-to-severe acute pain. The company plans to file a New Drug Application (NDA) with the FDA by year end. The primary efficacy endpoint was time-weighted summed pain intensity difference (SPID) over 12 hours. Treatment with ARX-04 reduced pain starting 30 minutes after the first dose. The mean reductions in pain intensity from baseline at one hour, two hours and 12 hours were 27%, 49% and 57%, respectively. Despite the positive development, ACRX shares are still nearly 6.50% for the year. The stock is also trading well below its 52-week high of $5.88. The company currently has more than $2 per share in cash on its balance sheet. Given the progress it has made and its valuation, ACRX is certainly worth a look at current levels.