The 31-year-old actor best known for his portrayal of Frodo in Lord of the Rings has agreed a deal with distribution team Synchronicity Entertainment to take part in the project, and may also star.

The new genre film production and international sales label The Solution Entertainment Group, founded by Lisa Wilson and Myles Nestel, will shop the film to buyers at the American Film Market

Leigh Whannell, the writer and executive producer of the original Saw film which sparked the most succesful franchise in cinema history, has penned the script for the film, with Ace Norton lined up to direct. Producers include Wood and Steven Schneider, a producer on the Paranormal Activity franchise.

Cooties tells the tale of a virus that strikes a school and turns them into savages, with an “unlikely” hero helping the teachers fight back. Filming will begin in April 2013.

Also being shopped at the American Film Market is John Cucack’s new project Due Process,  which tells the tale of two bankers who head out to into the American prairies to close a remote country farm. Cusack is also working with Synchronicity on the film, which will be directed by Paul Currie, and Anthony Derrico has written the script.