Is there any option of removing this apart from formatting the system.
ABSOLUTELY!!!!

If you have VirusProtectPro on the system then this is a Trojan.
This will require several steps to remove done in exact order. First of all please post back with some more information. Is that the program you downloaded OR were you downloading another program and this one came with it? Give us information about your computer.
First steps for removal of spyware/malware/viruses and trojans are given on this thread READ ME Before Posting A Request For Assistance!
Follow each step exactly as given. If there are any steps you are unable to complete please note that, and what problems happened when you did try to complete it, and then move onto the next step.
Once you have completed all steps, and saved all requested logs then run a scan with HiJackThis, save the log and post back here with that and all other requested logs.
Be sure to read and follow instructions for download and proper location on the computer of HiJackThis. This is very important.
Judy