Python 2, 88 bytes

i=input()
f=''.join('10'[x==i[0]]for x in i[2:])
while f:print chr(int(f[:8],2));f=f[8:]

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Not the shortest - just an alternative way.

Following version prints the output on one line for 98 bytes although the rules state that trailing whitespace is allowed.:

i=input();f=''.join('10'[x==i[0]]for x in i[2:]);o=""
while f:o+=chr(int(f[:8],2));f=f[8:]
print o

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