News via http://www.dreamcast.es/news.php?readmore=344

The team responsible for the excellent game Giana's Return Is currently working on a new project that, for now, they have titled "Project S".
Seems to be another Jump'N'Run with touches of puzzles, and you have warned us that it will be a tough game of noses:)

Commented that they already have an internal version that remains playable and polishing small bugs. The game will launch in a multitude of platforms and of course, there's our Dreamcast!
They have also obtained permission from the original author and copyright holder, which is perfectly legal: D