In a blog post on is website, the company says the game is a "complete re-imagining of the sci-fi shooter for touch."
If you get the newsletter, you know we’ve been banging away on R&D with nailing down a satisfying control scheme, developing really cool and interesting gameplay systems and weaving an outrageous story with awesome characters. [...]
Our totally unreasonable goal is to completely change the expectations core gamers have for their mobile games, and with that comes a bunch of dialogue about what we’re doing and whether it’s gonna work or not.
The game is slated for release in Spring 2013.