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)

2,927,878

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.

None of the Reporting Persons has, during the
last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

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.

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 2,927,878 shares of Common Stock.

The transactions
effected in the Common Stock during the 60 days prior to the date of this filing 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 during the 60 days prior to the date of this filing is filed herewith as Exhibit B.