There is an increasing amount of scientific evidence supporting the benefits of deer antler velvet from decades of research carried out in Russia, Korea, China, Japan, Australia and New Zealand. This research has given credibility to deer antler velvet’s traditional usage and validated recommendations for its inclusion as an everyday health supplement. Almost 250 papers have been published since 1930 on the manufacture, composition and biochemical effect of deer antler velvet. Studies on deer antler velvet and the corresponding findings are described below.
Velvet antler is the whole cartilaginous antler in a precalcified growth stage of the Cervidae family including the species of deer, elk, moose and caribou. Velvet antler is covered in a hairy, velvet-like "skin" known as velvet and its tines are rounded, because the antler has not calcified or finished developing. Velvet antler preparations are sold in China as part of Traditional Chinese medicine, and in the United States and some other countries as a dietary supplement.

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Russian bodybuilders have claimed to benefit from deer antler velvet by increasing muscle and nerve strength in the late 1960’s. Earlier studies found similar results in laboratory animals and athletes given pantocrin, an extract of deer antler velvet. Several studies show a positive correlation between consistent use of deer antler velvet and cardiovascular health. Human subjects who used deer antler velvet were able to endure larger work loads and experienced a shorter recovery time between exercises.

Tissue Growth* - Ancient use was as a growth tonic for underdeveloping children and as a gland activator for the glandularly deficient.* It was also recommended to maturing people because of this interesting action on the body.* In modern times it has been discovered that very small amounts of key constituents, called growth factors, signal cellular structures for regeneration and growth, and are found in deer antler velvet extract itself and in larger amounts within the circulating blood of those who take it.*
Insulin-like Growth Factor 1 (IGF-1) is an anabolic molecule which appears to induce growth of the antlers themselves,[31][32] although testosterone may be the primary growth factor.[33] Currently, there is no evidence that serum IGF-1 is increased following Velvet Antler ingestion with one study using 1.5g of Velvet Antler for 11 weeks failing to increase serum IGF-1.[26]
Yes, the Soviets had even been involved in extensive research to ascertain the performance benefits of deer antler velvet. But they've been using it for awhile. In their country it was known in Russian folk use to be a warming and vitalizing food several hundred years ago, but with the advent of modern history, they began research nearly 90 years ago.
New Zealand research reports that although the mechanism is unknown, deer antler velvet shows strong anti-inflammatory effects. Recent clinical tests suggest oral ingestion of glycosaminoglycan-peptide complex, or components such as chondroitin sulfate and glucosamine sulfate — both found in deer antler velvet — may help stimulate cartilage repair.

While consumers wanted more information on the product. Let’s not forget the supplement industry is a multi-billionaire dollar business. And if Ray used the product then it must be legit, right? That’s what the immediate response in supplement sales would have you believe, as ESPN business reporter Darren Rovel reported that purchases skyrocketed within 24 hours of the report.
Tanejeva also tested the effect of deer antler velvet in athletes running three kilometer races. In the experiment, 50 men ran the distance and their completion time was recorded. Deer antler velvet extract was administered to half of the runners and the participants repeated the race.  The group receiving the Pantocrin completed the subsequent race in a faster average time.
Repeated studies have been conducted on the interactions of Velvet Antler and hormones, and all studies have found that this supplement has failed to increase circulating hormone levels. One study found a highly variable increase in power output, which is antagonized by another study suggesting no significant increase in power. For the purposes of performance enhancement, the evidence does not currently support Velvet Antler as a supplement.
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In a randomized, placebo controlled test in 2004, researchers at the University of Alberta, Canada, placed 18 males from the Edmonton Police Force into a 9 week strength training program. The results showed that deer antler velvet increased the strength and endurance of the subjects relative to the control group. The researchers found that use of deer antler velvet significantly increased blood plasma testosterone levels. 
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