Does the difficulty of Jamestown scale with the number of players involved?

According to this article on Giant Bomb:

The enemies also have more health, but just how much isn't explicitly mentioned.

Various user reviews around the internet seem to indicate that the difficulty scales, but the advantage of having more players outweighs the additional difficulty.

I just tested it with 2 players played by my left and right hands respectively.

There aren't any more enemies that I could tell. They seem to have slightly more health as agent86 mentions. Each player only has the current life with the normal number of continues shared collectively but with revive alls dropping from destroyed "big" enemies.