Source: http://www.joystiq.com/2014/08/15/ikaru ... r-ubusana/
Ikaruga's creator Hiroshi Iuchi announced that "Ubusana" is the new PS4 shooter that he is working on. Not a lot of details right now, but it will a downloadable game and it may hit other platforms as well. It is being developed for the PS4 as of now.
Great news. I can't wait to see how he follows up on such an amazing game.