In short, Bubsy 3 was a game project, that was supposed to be completed on Spring of 1996 on Sega Genesis, Sony PSX (PlayStation 1) and on Sega Saturn. It was produced by Accolade and Images Software. The game concept was made by Mark Eyles. When he showed Bubsy 3 concepts to Images Software, they liked it so much, that they immediately started developing. According to the evidence, they completed the game. They only needed publishing partners, but no one accepted it.
That's the description.