I think you are looking to make sure that both brackets are there. If either one is missing and you don't have an escape route, ther report will error.
Try something like this:
If (INSTR(1,{table.field},'>') > 0 and INSTR(1,{table.field},'<') > 0) then
numbervar endposition:= instr(mid({table.field}, instr({table.field}, '>') +1), '<')-1)<0;
mid({table.field}, instr({table.field}, '>') +1, endposition)
Else 'Bracket Missing';
So if either bracket is missing in the string, your report will print the string in the foirmula instead of the error.