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my ($fragment) = $full_text =~ /^(.{1,200}[^\s]*)/s;

my @chars = split //, $full_text;
my @excerpt;
...
}

my $excerpt = join ('', @excerpt);

__DATA__
A story on GettingIt about <a href="http://ss.gettingit.com/cgi-bin/gx
+.cgi/AppLogic+FTContentServer?GXHC_gx_session_id_FutureTenseContentSe
+rver=7f12a816fa48a5b9&pagename=FutureTense/Demos/GI/Templates/Article
+_View&parm1=A1545-1999Oct12&topframe=true">hacking polls</a>. Contrar
+y to what the article says, Time is <b>not</b> checking for multiple 
+votes on
 <a href="javascript:document.timedigital.submit();">their 
poll</a>. And I'm happy to report that despite the fact that
 my cheater scripts aren't running, I'm still beating Bill Gates.