Not even close, which is sad because the name is pretty generic.
Here's a little hint, it's a Saturn game!

The Horde?

Still way off.

Here's another hint, it's got animated cutscenes with crappy voice acting and 4 characters with slightly different story-lines.

EDIT: OMFG, I just remembered its a Sega CD game, not a Saturn game... sorry about that.
Since it's been well past 12 hours I'll just tell you the name of the game:
Dark Wizard

I guess the next person can go ahead and post a pic.

WHAMO!!

I've seen it before and it looks pretty cool, I guess.

Just can't place the damn name.

What system is that game for?  I want it!

I guarantee it's for Genesis/Megadrive

Dungeon Magic (arcade).

Dungeon Magic (arcade).

Correct! It is also called Light Bringer in Japan. Go ahead.

This game is SICK! In a good way =)

When it is revealed, I must aquire it.

GUWANGE

Seriously you cannot get any Cave shooters past me.

Yeah, it's Guwange. I was SURE noone would know it, but I guess I was wrong =)
One heck of a schmup, I recommend it to anyone who's into the genre.

Oh shit I should probably post a picture hang on

EDIT: My bad, if you still want to go Doozer, I can delete my pic.

That looks like some Pokémon.