This game has been Greenlit by the Community!

The community has shown their interest in this game. Valve has reached out to this developer to start moving things toward release on Steam.

Xatrium
Post effects and new screenshots
July 1, 2013 - DuncanConroy

Over the last few weeks, we spent a lot of time on creating and integrating post effects into Xatrium. In addition to nicer and polished weapon visualizations, the game now features distant fog, realtime shadows, SSAO, SSAO Blur, Bloom, Depth of Field and FXAA. To give a better impression, we also added 8 new screenshots that show current ingame graphics.
A new gameplay video will follow as well.