In 1881, Lilly formally incorporated the business as Eli Lilly and Company, elected a board of directors, and issued stock to family members and close associates. Colonel Lilly's only son, Josiah (J. K.), a pharmaceutical chemist, graduated from the Philadelphia College of Pharmacy in 1882, and joined the family business as a superintendent of its laboratory after college. J. K. became company president in 1898. In 1883 the company contracted to mix and sell Succus Alteran, its first widely successful product and one its best sellers. The product was marketed as a "blood purifier" and as a treatment for syphilis, some types of rheumatism, and skin diseases such as eczema and psoriasis. Sales from this product provided funds for Lilly to expand its manufacturing and research facilities. By the late 1880s Colonel Lilly was one of the Indianapolis area's leading businessmen, whose company had more than one-hundred employees and had $200,000 ($ in 2015 chained dollars) in annual sales.