RAIMAIS / Taito / Arcade
This is just Taito's old Space Chaser game warmed over ... better level design makes it more reflexive (and thus much more enjoyable), however, rather than the "one-solution puzzle room" style that was more of Space Chaser's speed.
Also adding to the fun - random weapon pickups like lasers and a force field that you can turn on the enemies to (temporarily) asplode them. The enemies also don't always come after you like a homing missile, but sometimes drive their own patterns instead giving 0 fucks about your positioning. All of this initially makes the game much more manageable and enjoyable to a newcomer, but eventually the amount of enemies thrown into mazes and the raw speed (not to mention cheap narrow maze segments with only one entrance) makes the game unenjoyable again. Apparently there are bosses and even multiple endings (including maybe the most unexpected and bizarre final boss battle ever) if you have the fortitude to keep trying random combinations of exits from each level over and over.
* Gameplay Video