What do you thing about to use Split function?
You could try something like this:

'S <-- your form into a string
S = Replace(S, "<option>", "#")
S = Replace(S, "</option>", "")
S = Replace(S, "</select>", "")
S = Replace(S, vbNewLine, "")
S = Split(S, "#")

Then you will have an array where the values will be S(1) to S(Ubound(S)).