Lasercade (short for Laser Arcade) was a game designed by Videa, the same company that created the also unreleased game Meltdown for 20th Century Fox.
Lasercade plays more like a tech demo than a real game, so it's easy to see why 20th Century Fox opted for the graphically challenged, but infinitely more fun Meltdown over Lasercade.
The cart, box and manual are reproductions from 2007 with permission of programmer Lee Actor.