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 funds for the purchase of the Shares beneficially
owned by the Reporting Persons came from the working capital of Broadfin Healthcare Master Fund, Ltd.

No borrowed funds were used to purchase the
Shares, other than any borrowed funds used for working capital purposes (including certain leverage arrangements) in the ordinary
course of business.

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.