You are right about the spread. The market makers are loving this battle of manipulators because buy and sell orders are going in at market and they can gouge the hell out of the trade, often to the tune of 10% to 20%. The only way for us mere mortals to play the swings would be to pick target entry and exit points and use limit orders. For example, if you thought they might drive it down to 40 cents sometime today, put in a limit buy at 41 cents (you will almost never get exact highs or lows and have to allow at least a penny for the market maker). If it gets filled and you think they will take it back up to 55 cents, then put in a limit sell order at 54 cents.

The high risk is if you get filled at 41 cents it could just keep going down and you are then screwed. If a short squeeze actually occurs, this stock could easily go back above a dollar. If the reality of the dilution sets in and/or the potential for cardio products dims the stock could just as easily see single digits, just on the math of the dilution. In the meantime it's a complete coin flip and trying to day trade this one would be very dangerous.