Anthony DiBlasi will direct the psychological thriller from his own adapted screenplay of the short story from Barker's Books Of Blood collection.
Production is set to begin in July on the story of three college students who undertake a study of fear that quickly spirals out of control. Casting announcements will follow.
Barker, Jorge Saralegui and Joe Daley will produce for Barker's Midnight Picture Show with Lauri Apelian and Nigel Thomas from Matador and Plum Films' Micky MacPherson.
Essential Entertainment is screening footage of Book Of Blood, which is currently in post-production. The Cannes slate includes Jan de Bont's Point Break: Indo and Richard Loncraine's My One And Only starring Renee Zellweger.