13D Filing: Broadfin Capital and Recro Pharma Inc. (REPH)

This Schedule 13D is being filed jointly by (i) Broadfin Capital,
LLC, a Delaware limited liability company, (ii) Broadfin Healthcare Master Fund, Ltd., an exempted company incorporated and existing
under the laws of the Cayman Islands, and (iii) Kevin Kotler, a United States citizen (collectively, the “Reporting Persons”).

The principal business address of the Reporting Persons is 300 Park
Avenue, 25^th Floor, New York, New York 10022.

Kevin Kotler is the managing member of Broadfin Capital, LLC, an
investment management firm that serves as the investment manager to Broadfin Healthcare Master Fund, Ltd.  The principal
business of Broadfin Healthcare Master Fund, Ltd. is purchasing, holding and selling securities for investment purposes.

The Reporting Persons hold the securities described in Item 5 of
this statement for investment purposes only.

No Reporting Person has any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein.
The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including,
without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the
securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with
respect to their investment in the Issuer as they deem appropriate including, without limitation, making proposals to the Issuer
concerning changes to the capitalization, ownership structure or operations of the Issuer, purchasing additional Shares, selling
some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares or changing
their intention with respect to any and all matters referred to in Item 4.