Grin, developer of Bionic Commando and the canceled Final Fantasy spinoff Fortress, was also working on a Strider reboot. Anait Games reports the title was being developed at Grin’s Barcelona office and was canceled by Capcom after the Bionic Commando reboot. Grin planned to continue development, but as a different IP. They talked with Ubisoft, but the game was not greenlit.
A few assets survived including a teaser trailer developed from animation studio 23 Lunes. Anait Games also says Grin was working on a Streets of Rage remake, but assets for this title have not surfaced.
Thanks for the heads up JC @ Joystiq!