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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Dec. 12, 1984)
Wednesday, December 12, 1984AThe Battalion/Page 5 t offers J Price, to.." m -ihifi ThJ; eW m Texas gets first Hughes payment Warped United Press International AUSTIN — The state of Texas Way received a first installment if«5.8 million in inheritance taxes from the estate of the late billioniare recluse Howard Hughes. Another $25 million payment will W| kraade in 1985 as part of the Aug. "9 settlement of an 8-year-old legal aide between Texas and California iwthe Hughes estate, which had Wivalued for tax purposes as high *$500 million. , hj, ,P e . s f ate obtained the more than JBl I™ million settlement in an out-of- wtagreement reach with the state California, which received $44 in cash and another $50-plus in real estate. The second and final payment to l«as will be held in escrow' for one carat United Bank in Austin, elate Comptroller Bob Bullock, mose olfice spent years auditing M cataloging assets of the vast laghest estate, said Hughes would wanIe( ^ Texas to snare in his » I Howard Hughes was on his way r ome to lexas when he died,” he L lld T f he were alive today, I feel k he would approve of us getting as money, especially if he knew owmuch we need it tnis year.” he state is facing a probable rev- n™ 1 of nearly $1 billion for H986-87 budget period. Hughes, who was born in Hous- but lived most of his life in Cali- Wia, died en route to a hospital in Nirplane over Texas on April 5, 97b, touching off a legal fight be- teen the two states. Tach state claimed taxes on the of the late industrialist's domi- SHOE by Jeff MacNeily 6,H 96-6511 It, FDA changes drug laws to quicken review time (: ^ agreed to settle the case liber than continue the protracted roceedings. When it sought to apply its 16 per- estate tax in 1977, Texas had to receive as much as $100 '.including penalties. Attorney General Jim Mattox, nose office negotiated the set- pbent, said the payment “is our oncrete evidence that all the toil as #nh the effort. Our school children need this py. particularly in these trying pjaj times, and we’re pleased it this sort of a Christmas gift Pthe Howard Hughes estate.” United Press International WASHINGTON — The govern ment Tuesday announced the “most extensive change” in federal drug laws in 22 years to accelerate the re view of new drugs to get them to pa tients faster. Health and Human Services Sec retary Margaret Heckler said the new measures will reduce the aver age wait to get a new drug on the market — about two years — by up to 20 percent. The new rules will allow drugs to be approved based on foreign clini cal studies — provided they can be substantiated — slash paperwork by up to 70 percent and allow simulta neous reviews by various offices of the Food and Drug Administration, she said. Heckler said the regulations will also strengthen adverse reaction re porting requirements by manufac turers and distributors so the FDA can better remove ones that later prove hazardous. “These regulatory improvements will help get useful drugs to patients faster, while ensuring that safety in formation gets to (the) FDA in a timely and useable form,” said Heckler, whose agency oversees the FDA. The regulations will be published in the Federal Register this week. Most provisions become effective in three months, with a transition pe riod of up to one year for certain re quirements. The regulations are partly a re sponse to studies that nave found some useful drugs have been avail able for years in foreign countries while the FDA waded through lengthy application procedures. They also come in the wake of criticism from Congress that the FDA inadequately monitors the mar ket for adverse reactions. Heckler said the new procedures are “the most extensive change in (the) FDA’s drug regulations since the 1962 drug amendments” that re quired drugs to be examined by ef fectiveness. The revisions provide that: • The FDA may approve new drugs based solely on foreign clinical studies meeting U.S. testing criteria, if the studies are validated, con ducted by competent investigators and applicable to the U.S. popula tion. • Surveillance of marketed drugs will be strengthened. Reports show ing a significant increase in reactions to a drug will be required immedi ately. Reports of serious, unex pected reactions will continue to be required as soon as details are known, in all cases within 15 work ing days. • Applicants will be required to prepare more focused and better or ganized analyses of data. • The length of drug applications will be reduced through use of ta bles, although raw data submissions will continue to be required on issues central to safety review. THE CRIPPLE CREEK LIFESTYLE Cripple Creek is more than just a place to live. It’s a fun place to call "HOME”. • Lighted Tennis Courts • Swimming Pool • Hot Tub Spa • Convenient Laundry Center • Extensive Landscaping • Large Walk-In Closets • 24-Hour Emergency Maintenance • On Shuttle Bus Route • Close to Shopping, Clubs • Restaurants and Banking Facilities • Private Patios or Balconies • Professional On-Site Management Join in the Cripple Creek lifestyle. Visit our office today! 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