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As far as I know based on another article published just 8 hours ago, his team was in final preparations this last Friday... meaning he is still alive.
Wish him the best. He deserves it (well, he does... he spent 20 years of his life preparing for that, he jumped 8000 times todate, and sold his house to fund his adventures; this amounts to a whopping 20M USD made up of his own and of his sponsors' dough).
UPDATE: Apparently the test had a happy ending! The balloon departed on its own without the frog suspended on it. Cost: the best part of 200 grand. Well, at least he's alive and made it to all the media worldwide as the biggest loser of all time. What an end! His five minutes of fame...
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