This JSFiddle shows a simple solution:
/**
 * Uses canvas.measureText to compute and return the width of the given text of given font.
 * 
 * @param text The text to be rendered.
 * @param {String=} fontStyle The style of the font (e.g. "bold 12pt verdana").
 * @param {Element=} canvas An optional canvas element to improve performance. If not given, the function will create a new temporary canvas element.
 * 
 * @see http://stackoverflow.com/questions/118241/calculate-text-width-with-javascript/21015393#21015393
 */
function getTextWidth(text, fontStyle, canvas) {
    // if given, use cached canvas for better performance
    // else, create new canvas
    canvas = canvas || document.createElement("canvas");
    var context = canvas.getContext("2d");
    context.font = fontStyle;
    var metrics = context.measureText(text);
    return metrics.width;
}
/**
 * Returns text whose display width does not exceed the given maxWidth.
 * If the given text is too wide, it will be truncated so that text + ellipsis
 * is still less than maxWidth wide.
 * 
 * @param text The text to be truncated.
 * @param {String} fontStyle The font style that the string is to be rendered with.
 * @param maxWidth Max display width of string.
 * @param {String=} ellipsis Set to "..." by default.
 * @param {Element=} canvas Optional canvas object to improve performance.
 * 
 */
function truncateText(text, fontStyle, maxWidth, ellipsis, canvas) {
    var width;
    var len = text.length;
    ellipsis = ellipsis || "...";
    while ((width = getTextWidth(text, fontStyle, canvas)) > maxWidth) {
        --len;
        text = text.substring(0, len) + ellipsis;
    }
    return text;
}
The example:
var maxWidth = 200;
var fontStyle = "bold 12pt arial";
var text = "Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.";
var truncatedText = truncateText(text, fontStyle, maxWidth)
console.log(truncatedText);
Generates: "Lorem ipsum dolor sit a..."