Fangs are not what they used to be since the arrival of the anaemic Twilight franchise, but at the New Vic – a regional theatre that deserves a far higher profile – Theresa Heskins presents Bram Stoker’s vampire story, not just as a batty Victorian melodrama but as a dark story of repressed sexual desire.

When Dracula descends on silks over the virginal sleeping Mina (Sarah Schoenbeck) there can be no doubt of the significance, just as the platform on which she lies serves as both bed and funereal bier. This a production that dreams well, not least in the aerial labyrinth created by the vampire brides who attempt to ensnare Jonathan Harker (Isaac Stanmore) as he tussles with his supressed desires in Count Dracula’s castle.

This Dracula is full of atmosphere and invention. The sound is created foley-style at three desks or laboratories positioned high up around the theatre. Sometimes you see the sound being created before you hear it. This double effect is not distracting but adds layer on layer in a performance where appearances are always deceptive. Jack Klaff’s brooding Dracula speaks through a microphone, the voice soaking into your brain, bones and flesh. Dim bulbs hanging overhead flicker and flare. The aerial work brings the entire space into play, creating a psychological dislocation as you have no idea from where danger may next appear.

The sparseness of the staging is admirable as is the restrained use of colour – black and white with splashes of red. But the storytelling is sometimes slowed by the foley effects and it’s too drawn out. Sometimes it drags rather than thrills. More attention has been paid to the overall effect than to the detail in the acting, although Jasmine Blackborow makes a striking debut as the doomed Lucy. But you can forgive the failings in a show that displays such ambition and flair.

• Until 28 March. Box office: 01782 717962. Venue: New Vic theatre, Newcastle-under-Lyme.