This is how I was able to achive the desired outcome. Following is the working configuration where ProxyPassMatch ^/myapp !
did the trick and except the (server-address)/myapp, all the requests are being proxying to the other server which is open-erp running at port 8069:
<VirtualHost *:80>
ServerName test.myserver.com
Alias /myapp /var/www/myapp
<Directory /var/www/myapp>
Options Indexes FollowSymLinks MultiViews
AllowOverride None
Order allow,deny
Allow from all
</Directory>
ProxyPassMatch ^/myapp !
ProxyPass / http://localhost:8069/
ProxyPassReverse / http://localhost:8069/
CustomLog /var/log/apache2/access.log common
ErrorLog /var/log/apache2/error.log
</VirtualHost>
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