Assuming that your paragraphs are ended with line-breaks (not <br>):
$preview = substr($topic, 0, strpos($topic, "\n"));
$preview .= "<br><a href="urltotopic">[more]</a>";
Assuming that your paragraphs are ended with <br>s:
$preview = substr($topic, 0, strpos($topic, "<br>"));
$preview .= "<br><a href="urltotopic">[more]</a>";
Either:
$br = strpos($topic, "<br>");
$n = strpos($topic, "\n");
if ($br > $n) { $lower = $n; }
else { $lower = $br; }
$preview = substr($topic, 0, $lower);
$preview .= "<br><a href="urltotopic">[more]</a>";