Dubbed as the spiritual successor to Ikaruga, the four-player shooter is also helmed by creator Hiroshi Iuchi, according to Siliconera.
The 3DS title provides players with cards to use as power-ups. Starting the stage with 20 cards to choose from, four are randomly displayed at any one time, each having a different offensive or defensive capability.
Koguga is set to be released in Japan on September 27, but has yet to be confirmed for Europe or North America.
Released in 2001, Ikaruga was a vertical shooter famed for its core mechanic revolving around black and white bullets, as well as its difficulty.
After debuting in the arcades in Japan, it was later released on Dreamcast, GameCube and Xbox Live Arcade.
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Watch a trailer for Ikaruga below: