On Renegade Kid’s website yesterday, they left a note stating that the game had been cancelled and was no longer in development.

The official title was Son of the Dragon, and Renegade does give it a little hope. They still own the intellectual property and could bring it back at some point.

On a happier note, they also revealed they are working a "new secret game" which will be announced this year.  No other information was given at this time.