I have researched the novel and taught Frankenstein at the university level for a number of years. I have also read the novel at least fifteen times, so I regard this film as an intertextual work rather than a stand-alone work, and that probably makes a huge difference. As far as I know, no successful film adaptations of the novel exists. Kenneth Branagh's "Mary Shelley's Frankenstein" is interesting, but ultimately it is a howler of a B movie thanks largely to Branagh's decision to make Victor Frankenstein a wholly admirable character. "The Frankenstein Theory" illuminates the novel just as much, or more, than Branagh's film.
The film is a sequel to the novel. At the end of the novel, the "creature" jumps off a ship near the North Pole and bounds over the ice, having promised that he will build a funeral pyre and kill himself in the Arctic wastes. But does he? That's the question that drives the story of the film.
The writer/director obviously knew the novel as well as its biographical background. Jonathan reflects the monomaniacal determination of Victor Frankenstein. His backstory--expulsion from Oxford--also refers to the biography of Mary Shelley's husband, Percy. References to Percy Shelley's "Ode to the West Wind" and to Mozart's Requiem--a commissioned work that ultimately became the composer's own requiem--create some clever textual layering. Percy Shelley presaged his own death, as does Jonathan and his crew in the act of documenting their pursuit of their own killer. Some of the tension of the frame story of the novel is captured, too: Victor Frankenstein has been rescued by Robert Walton, a captain with a hired crew bound for the North Pole (which had not yet been discovered). The film crew in "The Frankestein Theory" are analogous to Walton's nearly mutinous crew.
The premise of documentation is also meaningful in relation to the novel. Like many works of Gothic fiction, the novel is presented as an epistolary narrative--a documentation of "true" events. It is composed of some letters by Walton and a transcript of the story that Victor Frankenstein tells to Walton. At least one previous IMDb reviewer claimed that this entire film is a rip-off of "The Blair Witch Project," and, while I see the similarity, I think this misses the point. "The Blair Witch Project" and many other contemporary horror films (e.g., "The Ring" and "Paranormal Activity") foreground the act of documentation--a conceit they owe to Gothic literature. This film is the only one I know that actually acknowledges and plays knowingly with that debt.
Let's not stop there. "The Frankenstein Theory" plays with a couple other visual genres as well--the mockumentary (especially "The Incident at Loch Ness") and reality television shows based on wilderness survival. It also offers a delightful homage to "Jaws." The guide, Carl, played by an uncanny double for Viggo Mortensen, delivers a comic drunken story that parallels the terrific sailor's tale spun by Anthony Quinn in Spielberg's film.
Finally, let's face it...the Frankenstein story has never been truly terrifying in any of its manifestations. The novel is certainly creepy, but it's mainly a novel of ideas. This film should be credited for combining brainy intertextuality, comedy, and at least a few mild thrills. It's certainly not the scariest movie I've ever seen, but that's not the point. It IS the scariest media representation of the Frankenstein myth I've seen, with the possible exception of Blade Runner--another brainy, intertextual film.
