I found this In Issue 136 (November 1988) of Starlog:
“Strat is the newest SF project involving Michael Douglas. It's an $18 million film to be executive produced by Douglas. Lennie Kleinfield scripted the Columbia release, which begins shooting shortly for a Christmas 1989 premiere.”
It also appears in the film calendar in the June 1989 issue still saying it will open in Winter of 1989.
I did some searching and found the author’s web site http://www.lennykleinfeld.com/ (note that Starlog had a slight misspelling of the name). I contacted Mr. Klienfeld and he confirmed that this was his screenplay but stated that things didn’t go well during script development. He wasn’t willing to provide more details which I can understand.
It is interesting to note that in the Summer of 1990 Columbia released the movie Flatliners on which Micheal Douglas was one of the producers. Flatliners was written by Peter Filardi , but I still think there is a possibility that Start was an early script for the same movie but it also could have been a totally unrelated project. You can read a interview with Pete Filardi in the June 1990 issue of Starlog.