Producers Jennifer Chaiken (My Flesh And Blood) and Sebastian Dungan (Transamerica) have launched Los Angeles-based 72 Productions.

Backed by a private equity fund dedicated to the acquisition and development of feature film projects, 72 Productions arrives with four projects in the pipeline.

The Perfect Hour is a period drama being produced with Ross Katz about newly discovered letters from Edith Wharton that reveal the married novelist remained a virgin until an affair in her forties. Derek Simonds will direct and co-wrote the screenplay with Deborah Quinn.

Venom is styled as a modern-day Rebel Without A Cause and is based on Chris Krovatin's upcoming novel about a Manhattan teenger who copes with adolescent angst by escaping into his imagination.

Minnow is a psychological horror story written by Josh Miller and Mark Fortin about a grieving mother who finds herself at the mercy of her dead child's angry spirit.

420, written by Dungan and Jesse Knight, is a stoner comedy about a youngster who loses his stash of pot in the run-up to a big social event.

'In an environment where most have cut back on development, we're actively committing our company to nurturing writers and directors from the earliest stage,' Chaiken said. 'We're thrilled our investors share our vision, and have given us complete creative freedom in developing our slate.'

Chaiken recently won a best documentary Emmy for her work on My Flesh And Blood, after winning both the Audience and Best Director Awards at Sundance. She previously produced Thomas Bezucha's debut feature Big Eden, and Restaurant starring Adrien Brody, Simon Baker and Lauryn Hill, among others.

Dungan most recently produced Transamerica. He got his start in development at Paramount before moving on to Warner Bros-based Witt-Thomas Films, where he was involved with such films as David O Russell's Three Kings, and Christopher Nolan's Insomnia.