Found this courtesty of NeoGAF.
http://www.unseen64.net/2009/05/27/project-c-factor-5-ps3-cancelled/
27 May 2009
After finishing Lair, Factor 5 was working on a new game for the PS3, but as the partnership with SONY was later terminated when Lair was a critical as well as a commercial failure, the development of this new game was stopped. We dont have an official name for this game, and it’s labeled as “Project C” just because of the name of its artworks. Project C was put on hold still in early development and probably we’ll never see it again.
From the few artworks that remain, we can notice a character that looks a bit like an evolution of the one in Turrican and we can only wonder if this project was going to be a spiritual successor to Thornado.
Thanks to Gone is Gone and Hey Hey for the contributions!
More at the site.
