Super Cyborg is an oldschool nonstop hardcore run'n'gun action! You play as battle cyborg who was sent to investigate a mysterious island. A very powerful alien known as 'Xirxul life form' has been awakened by the scientists and now all humanity is in danger! Rush through 7 levels filled with countless monsters and creatures. Destroy everything that moves! 8-bit stylized pixelart graphics combined with awesome chiptune soundtrack creates a perfect atmosphere for the bio-sci-fi setting. Game has 3 difficulty levels (hard mode is unlockable) and local coop mode.

http://www.desura.com/games/super-cyborg

On this site you can try free demo version with two first levels of the game, and buy full version for only 5$. I gotta say  as an old Contra series fan I was very impressed, only tried the demo but I am thinking of buying it tomorrow. BTW I saw some videos of the full version, and there are lots of features not presenting in the demo, like customizing your character appearance. The game was created by two Russian guys (if I'm not mistaken) and this project took some time, so that's why the game is not free.
So, give it a shot and share your thoughts
Trailer link:
http://www.youtube.com/watch?v=Hg9J4udhjoU