in reply to substring extraction

Do you want to remove the substring from the larger string or pull it out for processing? I'm getting hung up on your choice of "extract."

If your data is consistent with:

WX 200 A string of interest 86.34 0906
WTTS 320 Peer here my peer 17.34 1001
XGR 400 Please take me with you 19.87 1201

You could:
while(<STRING_SRC>) {
  /[A-Za-z]+ [0-9]+ (.*)?[0-9.]+ [0-9]+/;
  $dotoit = $1;
  do_func $dotoit;
}
The regular expression assigns your string to $1. If you need to extract, as in pull out, the value then
while(<STRING_SRC>) {
  /[A-Za-z]+ [0-9]+ (.*)?[0-9.]+ [0-9]+/;
  $dotoit = $1;
  s/$dotoit//;
  fund_do $dotoit;
}

Be Appropriate && Follow Your Curiosity