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

As of the date hereof, Broadfin Capital, LLC, Broadfin Healthcare
Master Fund, Ltd. and Kevin Kotler may be deemed to be the beneficial owner of 2,705,262 shares of Common Stock or 14.15% of the
shares of the Common Stock of the Issuer, based upon the 19,123,935 shares of Common
Stock outstanding as of November 7, 2017, according to the Issuer’s 10-Q filed
on November 9, 2017.

Each of Broadfin Capital, LLC, Broadfin Healthcare Master Fund,
Ltd. and Kevin Kotler has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or
direct the vote of 2,705,262 shares of Common Stock.

Each of Broadfin Capital, LLC, Broadfin Healthcare Master
Fund and Kevin Kotler has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power
to dispose or direct the disposition of 2,705,262 shares of Common Stock.

The transactions effected in the Common Stock since the last filing on November 24, 2017 are set forth in
Exhibit B and each transaction was an open-market transaction.

The aforementioned shares of Common Stock were acquired for investment
purposes. Broadfin Capital, LLC and Broadfin Healthcare Master Fund, Ltd. may acquire additional securities of the Issuer, dispose
of all or some of these securities from time to time, in each case in open market or private transactions, block sales or purchases
or otherwise, or may continue to hold the shares of Common Stock.

The Reporting Persons specifically disclaim beneficial ownership
in the shares of Common Stock reported herein except to the extent of their pecuniary interest therein.

An agreement relating to the filing of a joint statement as required
by Rule 13d-1(f) under the Securities Exchange Act of 1934 is filed herewith as Exhibit A.

A
description of the transactions in the Common Stock that were effected by the Reporting Persons since
the last filing on November 24, 2017 is filed herewith as Exhibit B.