Joely Richardson and Nicolas Cage star in “Color Out of Space,” directed by Richard Stanley.

RLJE Films recently acquired U.S. rights to the highly-anticipated horror/sci-fi “Color Out of Space” in a low-mid seven figure deal ahead of its world premiere at Midnight Madness at this year’s Toronto International Film Festival.

The film is scheduled to screen on Saturday, Sept. 7, 11:59 p.m. at Ryerson Theater.

“Color Out of Space” stars Nicolas Cage, Joely Richardson, Madeleine Arthur, Brendan Meyer, Julian Hilliard and Elliot Knight, with Q'orianka Kilcher and Tommy Chong. The film is directed by Richard Stanley, who will make his return to the Midnight Madness lineup after 29 years. He co-wrote the screenplay with Scarlett Amaris.

“We’re beyond excited to be reteaming with SpectreVision and XYZ Films for “Color Out of Space,” said Mark Ward, chief acquisitions officer for RLJE Films. “Nicolas Cage unleashes another memorable performance — an incredible follow up off the heels of ‘Mandy.’”

“Color Out of Space” is based on the short story by H.P. Lovecraft. After a meteorite lands in the front yard of their farmstead, Nathan Gardner (Nicolas Cage) and his family find themselves battling a mutant extraterrestrial organism as it infects their minds and bodies, transforming their quiet rural life into a technicolor nightmare.

“Color Out of Space” was financed by Ace Pictures and produced by SpectreVision. Producers include Daniel Noah, Lisa Whalen, Elijah Wood and Josh C. Waller, while executive producers are Johnny Chang, Peter Wong, Timur Bekbosunov, Emma Lee, Stacy Jorgensen, Elisa Lleras and Michael M. McGuire. XYZ Films is handling international sales on the film.

The deal was negotiated by Mark Ward and Jess DeLeo from RLJE Films and Nate Bolotin from XYZ Films on behalf of the filmmakers.