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 2,236,025 shares of Common Stock
or 11.67% of the shares of the Common Stock of the Issuer, based upon the 19,156,851 shares of Common Stock outstanding as of March
1, 2018, according to the Issuer’s 10-K filed on March 2, 2018.

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 2,236,025 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 2,236,025 shares of Common Stock.

The
transactions effected in the Common Stock in the last 60 days 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 in the last 60 days is filed herewith as Exhibit B.