You can see a demonstration of the application in the video below. Adobe says it should be available in late 2015.
The company has also announced that Photoshop Touch is being discontinued.
Helping you find success quickly means giving you the right tools for the job and the very best technology and access. When we introduced Photoshop Touch several years ago, it was an all-in-one solution that mirrored the desktop version of Photoshop. But today, we believe that our new mobile solutions, when connected together and to the desktop, vastly expand creative possibilities. Sometimes building for the future means we need to make hard choices and today I am also announcing that we are discontinuing Photoshop Touch. For those of you who have been using Photoshop Touch, thank you and please continue creating amazing work with it; while it will no longer be available in stores as of May 28th and we won’t ship further updates, it will remain completely functional on your devices for the foreseeable future.
More details on the discontinuation can be found here.
The company also announced that it's working on new mobile applications for Android but didn't share any specifics.
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