The former Flagship Studios Seattle team has announced its reformation as Runic Games.

The Runic team had been working on free-to-play MMORPG Mythos (pictured) at Flagship Seattle before the developer suffered widespread layoffs last month, leading to the closure of the game's beta.

According to a statement on the new developer’s website, the team will “continue to use their expertise in the action-RPG MMO genre” and will be making announcements about forthcoming projects in the coming days.

Runic Games is headed by Travis Baldree and Max Schaefer, formerly project director and executive producer on Mythos, respectively. Baldree is also known as the creator of action-RPG Fate, while Schaefer was one of the original founders of Diablo house Blizzard North.