Re: Is it true that Bioware is cancelling Mass Effect?

Yes, the patching is done.

Yes, multiplayer content will continue for a time (I'd guess 3-6 months).

No, there won't be any DLC content (this has been officially confirmed), whether by design or as a result of sales levels.

The Mass Effect franchise is likely to return at 'some point' but how and when remains to be seen, it will probably be some years.