060705 Extract number from text/number string..

is there a way to make the following work? thanks

=IF(CC9="","",--MID(LEFT(CC9,LEN(CC9)-8),SEARCH("<b<i",CC9)+3,255))

to extract: 0.16 from: (formula above gets #Value error)
<i11:19am</i - <b<i0.16</i</b

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other variation, have formula that works for different input:
=IF(CC9="","",--MID(LEFT(CC9,LEN(CC9)-4),SEARCH("<b",CC9)+3,255))

11:35am - <b0.5601</b