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Developed in conjunction with Aurora Productions, the story follows a criminal who is imprisoned in a facility that is secretly run by vampires.
"The minute I heard the concept, I was in," Wan told Deadline. "Reading the graphic novel cemented that. Like Saw, it's a simple concept that, if executed properly, will be so cool."
Created by Scott O. Brown and Ferran Xalabarder, Nightfall was originally published by Platinum in 2007.
A potential release window for the movie is yet to be announced.
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