My dryer vents in that manner - it was installed at the time of construction. Mine goes up, follows the joist bay along the ceiling and exits to the outside with a cap. It needs to be smooth metal duct, and you'll want to seal the joints in case it was venting CO (you don't need that or moisture pushed into the house!). As long as you keep the number of turns to the minimum and within the manufacturer's maximum length and turn limits, I think you'll be okay. See if someone can verify the code requirements, but I've seen it done that way and have passed, at least previously (codes do change).