Viropro Inc. (OTCPK:VPRO) signed a Letter of Intent to acquire NovaRx Corporation on October 22, 2015. The transaction consists of an all-stock consideration, in which Viropro Inc. will exchange 25% of its outstanding shares for 100% of the outstanding shares of NovaRx Corporation or its successor company. Upon the earlier of three years from the closing or the achievement of specific clinical milestones, the LOI calls for Viropro Inc. to spin-out NovaRx Corporation as an independent entity with Viropro retaining 25% of the outstanding shares of the newly constituted NovaRx. NovaRx Corporation will have a Board of Directors with three members to be appointed by NovaRx, three by Viropro Inc. and one by mutual consent. Justin Murdock will be Chairman of the board of director of NovaRx Corporation. Habib Fakhrai will retain the position of Chief Scientific Officer of NovaRx Corporation. The transaction is subject to the approval by both companies of definitive documents and the achievement of certain other milestones. Viropro Inc. (OTCPK:VPRO) cancelled the acquisition of NovaRx Corporation on May 2, 2016. The transaction was terminated as an agreement could not be reached prior to the expiration of letter of intent.