Armed (also known as Aftermath) is a cancelled side-scrolling beat ’em up / action game that was in development by Interplay / Point of View / Activision (?) for the original Playstation and Saturn. The game could have been released under a different name but looking at the few screens preserved in the gallery below, it does not look like any other Activision / Interplay game published on the PSX or Saturn.
Thanks to Celine and Rod_Wod for the contribution! (some scan from Cd Consoles magazine issue #19)
Video @ 2:44: