NSRange end = [_contentsOfElement rangeOfString:@":"];
[myVar setName:[_contentsOfElement substringWithRange:NSMakeRange(0, end.location)]];
If you wanted grab a string between two characters, you could do:
NSRange start = [_contentsOfElement rangeOfString:@"|"];
NSRange end = [_contentsOfElement rangeOfString:@":"];
[myVar setName:[_contentsOfElement substringWithRange:NSMakeRange(start.location, end.location)]];