$re = '~(?:^\h*<!--|(?<!\A|-->\n)\G).*\R~m';
$str = '<!-- text1
text2
text3
text4
-->
ext
text';
$subst = "\n";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php