Working with TinyMCE to enable editor to toggle off html mode, what I'm struggling with is converting list items into asterisks:

<ul>
<li>Bullet 1</li>
<li>Bullet 2</li>
<li>Bullet 3</li>
</ul>

Should become

* Bullet 1
* Bullet 2
* Bullet 3

I've used a similar regex to convert paragraphs to "\n$1\n\n" and that is working, but I can't seem to get the regex to work for list items, here's my code:

Code:
// replace p tags with line breaks
strippedValue = strippedValue.replace(/<p>([^<\/p>]*)<\/p>/ig, "\n\n$1\n\n");

alert(strippedValue);

// replace list items with astrisks
strippedValue = strippedValue.replace(/<li>([^<\/li>]*)<\/li>/ig, "* $1\n");

alert(strippedValue);
At both alerts, the content remains the same:

<ul><li>Bullet 1</li><li>Bullet 2</li><li>Bullet 3
</li></ul>