Add truncate.php to your themes functions.php file, update the third argument in line 8 to change the number of characters.
Add new-excerpt.php to the themes templates to output as required.
<p class="excerpt"><?php echo get_excerpt(); ?></p>
<?php
function get_excerpt(){
$excerpt = get_the_content();
$excerpt = preg_replace(" (\[.*?\])",'',$excerpt);
$excerpt = strip_shortcodes($excerpt);
$excerpt = strip_tags($excerpt);
$excerpt = substr($excerpt, 0, 50);
$excerpt = substr($excerpt, 0, strripos($excerpt, " "));
$excerpt = trim(preg_replace( '/\s+/', ' ', $excerpt));
$excerpt = $excerpt.'... <a href="'.$permalink.'">more</a>';
return $excerpt;
}