IIRC, a different team took it up. I remember seeing somewhere on why it hasnt been released yet. Let me try to find it
Seems Team Meat is still doing it, but team meat consists of two people, so its taking awhile. One of those people is Edmund, who is currently working on Rebirth and TM is working on SMB:F. Once those two are done, Mewgenics should come out soon after.