Tuesday, September 23, 2003

Tristate summary


AK Steel names acting CFO

Staff reports

Albert E. Ferrara Jr. has been named acting chief financial officer at AK Steel, succeeding James L. Wainscott, who was named acting CEO last week.

Wainscott was named to succeed chairman and CEO Richard M. Wardrop Jr. and president John G. Hritz, who resigned in a shakeup by the board of directors.

Ferrara, 55, joined the Middletown steel company as director/strategic planning in June.

Previously, he was vice president/corporate development, at NS Group Inc. in Newport.

P&G to appeal Prilosec ruling

Procter & Gamble Co. says it will appeal a judge's ruling late Friday that some of its advertisements for the new Prilosec over-the-counter heartburn treatment contain false claims.

Specifically, a New York federal judge ruled that since consumers are advised to take Prilosec once a day for at least 14 days, the claim "1 pill, 24 hours, 0 heartburn" is misleading.

The ruling came after a complaint by Johnson & Johnson/Merck & Co., the partnership that makes rival drug Pepcid. Pepcid can be taken more than once a day.

After years as one of the country's most-prescribed drugs, Prilosec was approved for over-the-counter sale this summer and hit store shelves last week.

P&G said it was disappointed by the ruling but that it wouldn't affect the Prilosec packaging - it's purple to match the color of the prescription pill - or delivery to retail stores.

Cincinnati-based P&G is looking for first-year sales of up to $400 million from Prilosec, which would make it one of the company's biggest first-year launches ever.




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