Marvel Studios has put the breaks on the film production of the Runaways so they can move full speed ahead on The Avengers and Iron Man 3. Marvel just feels they have too much going on right now to put any focus on the project at this time. Runaways was set to start shooting in Los Angeles this coming February.
Peter Sollett (Nick and Nora's Infinite Playlist) is still attached to direct the film project, but he's been invited to take on another film project first.
Runaways follows a group of teenagers who find that some family secrets are bigger than others when they discover their parents are actually super-villains. Running away from their homes, the teens band together and begin a journey of discovery, both of their parents' origins and of their own inherited powers, while trying to make up for the evil done by their folks.
Marvel is going to take their time getting this movie to the big screen, but it will eventually happen. I think it's safe to say that fans are more excited for The Avengers and Iron Man 3 at this point anyway.