NJDude's method is probably more efficient, but I was writing mine while he was posting his. So I thought I give you another way, for what it is worth:
B4X:
Dim MyString As String
MyString="Demo 555: Item01=01,Item02=09,Item03=44,TEST01=1234,TEST02=12345, complete"
MyString=MyString.SubString(MyString.IndexOf(":")+2).Replace(", complete","")
Dim MyStringArray() As String
MyStringArray=Regex.Split(",", MyString)
For i=0 To MyStringArray.Length-1
MyStringArray(i)=MyStringArray(i).SubString(MyStringArray(i).IndexOf("=")+1)
Msgbox(MyStringArray(i), "") 'displays 01, 09. 44, 1234, 12345 one by one
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