After trying to find a suitor for Itagaki's new game Devil's Third THQ has handed the rights to the game to creator Itagaki and his team.
"THQ confirms that the company will not be publishing Devil's Third," commented to Eurogamer.
"All of the game's IP rights have been returned to Itagaki-san and the Valhalla team."
THQ dropped the game in May due to financial concerns and they did not believe that the title's profitability was not high enough.
"Most important thing is gamers' happiness. And people in business side like distributers and presses. And developers. It's a Happy Three. So we can't thank THQ enough. Anyway, we now own the Devil's Third IP," said Itagaki in a Famitsu interview.
He goes on to say that "Devil's Third development is in its final stage now, and is most expensive in this term. In the West, we need to spend a great deal for advertisements - as much as development cost - to sell a lot. But it wasn't fit for [THQ's] mid-term plan. They didn't want to part with this IP, but we all have to see into the future and at last they did, for us."
"We were anguished and they were really kind to us. Mr. Danny Bilson was searching for a way to work together until the very end. I do appreciate him and THQ managers that signed the transfer contract."
Started in 2009 the game has had its fair share of issues including their engine supplier going out of business. This leaves them looking for a publisher to a risk on a new IP in an already crowded genre.