They hope it's snapped up soon so they can "build it alongside or after" Alice 2, which EA will distribute. Studio to be on the prowl at GDC.
Apparently Spicy Horse has been working on the project for years, as revealed by the text accompanying some concept artwork from Luis Melo and another artist. Right now they're busy with 'Return of Alice', a direct sequel to PC classic Alice.
"Still no home for this project - but I continue discussing the idea with publishers. One of these days..." American McGee. Check out the two pieces below. Does some mature Little Red Riding Hood hack and slash action sound good to you?