"Is there any chance the stock is legit and something worth investing in at the current price?"
None at all, no.
If you strip away the almost daily bogus PRs, the accomodation address in the US, the Pink Sheet listing (complete with warning about lack of information), the fact that they have almost literally no cash, and a self-determined asset (the patent) of $100,000, a third party who pays for numerous penny stock promoters to hype this thing all over the Internet, Arella's previous history with scam company HZHI, and the secretive nature of SPPH's mysterious Canadian backers (think Rizzuto again), and look at the underlying "technology" and its promise, what do you see?
They apparently have some sustained or modified release technology, that has never been tested in a lab rat or mouse, let alone a human being. That means that even in a generic formulation (which would not allow any kind of premium price) they are years away from any market, because they need to do animal studies, CMC definition, pharmacodynamic and pharmacokinetic studies on each and every formulation they intend to apply for, and finally they need to conduct comparative clinical studies, versus either placebo or just possibly for the generic route versus an active comparator.
Such a development program would take at least five years and cost millions of dollars for every drug candidate they think they have. And there would be no guarantee of success even then - many such formulations fail at either the pre-clinical or clinical stage.
The form they seem to be saying is most advanced is their MR version of metformin. Metformin is a an ancient drug, with many generics, including modified and sustained release versions, already available on the market in every country, including the US, the EU and Canada. There's simply no need and no demand for yet another metformin formulation.
All this assumes that Spencer even have some technology. On the grounds of the lies in their previous PRs concerning the approvability of this technology, then I doubt they have anything other than a vague idea, which they have patented. I suspect that any patent they may have would fall immediately when challenged, because there is so much prior art in delivery mechanisms.
No reasonable person with any knowledge of either the biopharmaceutical business or the nature of penny stock scams could doubt that Spencer Pharmaceuticals is an utterly fraudulent pump and dump operation, and not a very plausible one at that.
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