Doesn't take place in space, and it sure as hell doesn't take place in deep space. It's all on crappy ole Earth. The monster looks like the Queen from Aliens but not nearly as awesome. You'll recognize Charles Napier from Rambo II (he played the evil asshole in charge aka Murdock). He's pretty good in this too even if the movie is mediocre at best. At least, the creature is all practical. The script is a mess though with cop film cliches (these guys are out of control! suspend them!) and the alien being a super weapon made by a government experiment. You also get a dumb psychic subplot to tell the lead where the critter is (so much for good writing). Someone loved Ridley Scott and James Cameron a little too much, but they had no idea why those two made such phenomenal films. If only this was as good as the poster. You do get a chainsaw near the end, which is always appreciated, but I'd only watch this if you're really bored and really, really love weak '80s ripoff movies. It is available on Netflix if you're curious.
Here are a couple more pictures so you can see the monster. Not bad from the right angle although obviously stolen from Aliens. Still Napier looks pretty badass here.