Using Perch Replace With Tags

Hi

I was hoping to use replace="" to take out the paragraph tags <p> and </p> from a redactor textarea using

replace="<p>|,</p>|"

However, it's not working and I think it's because I'm using < and > it's confusing it and it's only outputting the rest of the perch tag.

Here my code if full

<perch:content id="li" type="textarea" editor="redactor" html="true" replace="<p>|,</p>|" label="bullet point text" size="xl" />

and this is what is being outputted

|,</p>|" label="bullet point text" size="xl" />

Many thanks