How to limit the number of displayed characters in RadItem?

        RadContextMenu menu = new RadContextMenu();

        public Form1()
        {
            InitializeComponent();

            RadLabelElement lbl = new RadLabelElement();
            lbl.Text = "Very Long Text Very Very Long";
            lbl.TextWrap = false;
            RadMenuItem item = new RadMenuItem();
            item.Children.Add(lbl);
            menu.Items.Add(item);
            item.MaxSize = lbl.MaxSize = new System.Drawing.Size(70,0); 
            menu.DropDown.MaximumSize = new Size(100, 0); 
        }

        private void radButton1_Click(object sender, EventArgs e)
        {
            menu.Show(MousePosition);
        }