Development of Devil's Third, the upcoming shooter from Ninja Gaiden creator Tomonobu Itagaki, has been put on indefinite hold, according to THQ VP Danny Bilson.

Speaking with Kotaku, Bilson said that THQ is looking to more new financial partners to invest in the game's development. With the publisher cutting costs across the board, it should come as no surprise that some high profile titles would be put in jeopardy, and it looks like Devil's Third drew the short straw.

Though Itagaki is a respected name in game development, Devils Third is a new IP with what sounds experimental gameplay mechanics: The title refers to a trio of musical notes historically associated the devil. The game is primarily a shooter, but somehow incorporates musical elements. For a company struggling to stay afloat, developing the game would be betting a longshot to say the least.

For the time being, Devil's Third will definitely not be released before April 2013, and could simply be cancelled at any time. A THQ spokesperson said the game "is not going to happen" if the publisher can't find additional investors.

[Via Kotaku]