The back drop used (if there is more than one) is using a technique first pioneered by Technicolour Dreams (Red Rat Software). My huntch is that Cygnus X1 got started either for Red Rat (then Byte Back) or Anco (which also used the same technique for the loading screen of Kick-Off) but, for various reasons (quality anyone ?), ended up landing at Atari UK.
Also, judging by the quality '8', this title has indeed been released. If anyone could share with the community the cover artwork of this release, it would be much appreciated.