After creating two Fear Effect games for PsOne, Kronos Entertainment planned to bring the series to PlayStation 2. Fear Effect Inferno was in development until 2003 when Eidos canceled the title. Siliconera found a few pieces of concept art from a former Kronos Entertainment artist who eventually wound up working on Spyborgs.
Hana was set to return along with Rain who was introduced in Fear Effect 2: Retro Helix, a prequel to Fear Effect. Deke and Glas were confirmed for the game too and it looks like someone has both of their arms…
Kronos Entertainment was also working on a fighting game called Okuden that pre-dates the oirignal Fear Effect, but came after Cardinal Syn. Like Fear Effect Inferno, Okuden was canned.
It seems like Square Enix plans on reintroducing Fear Effect, at least on PlayStation Network. Both PsOne games have been rated by PEGI as PlayStation 3 title suggesting plans for a digital re-release.