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

Broadfin Capital, LLC

300 Park Avenue, 25^th Floor

New York, New York 10022

Telephone – (212) 808-2460

(Name, Address and Telephone Number of Person
Authorized to Receive

Notices and Communications)

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.

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.

BROADFIN CAPITAL, LLC

By: /s/ Kevin Kotler

Kevin Kotler, Managing Member

KEVIN KOTLER

/s/ Kevin Kotler

BROADFIN HEALTHCARE MASTER FUND, LTD.

By: /s/ Kevin Kotler

Kevin Kotler, Director