Trauma Zero is a new Shoot-em-up that is being developed by a new Italian team. Details are quite low at the moment but from what I can tell from the rolling demo which has been released, the game looks fantastic.
Like I say, the game looks very good. It contains 256+ colour graphics, and scrolls at a super smooth 50hz. Another feature of the game is that it will feature a simultanias 2-player option. The game is AGA and will also be HD-Installable.
I will hopefully be able to bring you more details on the game very soon..
For now have a look at thr rolling demo yourself:-