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

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.

(a)-(c)

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 2,927,878 shares of Common Stock
or 15.31% 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 2,927,878 shares of Common
Stock.