S.W.A.T.S. Fitness and Performance was a dietary supplement company that sold deer antler spray and other products. The owners began distributing their products to NCAA and NFL athletes in 2008. The controversy initially started in March 30, 2009 when Alabama athletic officials sent a cease-and-desist letter to the company's owner that stated: "Refrain from using current student-athletes to endorse products. Refrain from contacting current student-athletes. Refrain from giving or selling products to current student-athletes."  The letter was then sent again in 2012.
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Research has been conducted on the potential use of deer antler velvet for healing of wounds. In Russia (Arapov, 1969), Pantocrin was administered to patients with surgical and internal wounds. The study reported that there were a number of positive effects, including the normalization of arterial pressure, reduction in surgical complications, and becoming active quicker. In tests on rats (Wang, 1985), bone fracture repair was accelerated. A recent study by Bubenik found that antler helped heal epidermal wounds in rats. In another study by Takikawa, et al., researchers reported observing new bone formation following experimental whiplash injuries in rabbits. Pretreatment in rats reduced cell degradation and improved recovery times from extreme temperature and electric shock exposure.
Advanced Healing: You don’t have to be a bodybuilder, martial artist or cage fighter to appreciate fast healing. Our bodies get torn down every day from just living, walking, working and interacting with life. Deer Antler Velvet helps the body heal faster, meaning we have more energy, fewer aches and pains and less recovery time from all the things we do to ding, stress, stretch and hurt our bodies every day.
Velvet antler in the form of deer antler spray has been at the center of multiple controversies with professional sports leagues and famous athletes allegedly using it for injury recovery and performance enhancement purposes. In mid-2011 a National Football League (NFL) player successfully sued a deer antler velvet spray manufacturer for testing positive for methyltestosterone in 2009 for a total amount of 5.4 million US dollars. In August 2011, Major League Baseball (MLB) added deer antler spray to their list of prohibited items because it contains "potentially contaminated nutritional supplements." 
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.
The truth? While research is limited, there’s nothing to suggest that deer antler velvet (or deer antler spray in the supplement form) actually does what it claims. In fact, there are two published studies (in real scientific journals, you can see them here and here) that suggest deer antler velvet does not (I repeat, does not) even elicit a hormonal response. What’s more, it also did not increase muscular strength or aerobic power.
In herbal combinations, deer velvet is used to improve athletic performance; to improve eyesight and hearing; to reduce stress; and to treat arthritis, osteoporosis, “tired blood” (anemia), women’s reproductive disorders including premenstrual syndrome (PMS), ED, and skin conditions. Herbal combinations including deer velvet are also used to increase blood circulation to the brain and to delay or reduce signs of aging such as tissue, bone, and muscle degeneration, and declining mental skills.
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According to modern research, deer antler velvet has shown gonadotropic activity. Studies by both Fisher and Wang indicate that deer antler velvet may increase testosterone levels in men and can help prevent some conditions associated with aging. The estrogen hormone most affected by deer antler velvet is estradiol. Estradiol is a precursor to testosterone.
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"Earlier this year, March and April, I purchased a total of 2 bottles of Nutronics Lab’s Starter spray. A tad bit about me: I have a Bachelors in Psychology and a PhD. in life so to speak. I do much research on many different topics, all the way down to these new (terrible research chemicals) that are starting to negatively affect our society. Yes, I am a recovering addict and work with them by the way, so I know much about the brain and it’s physiological aspects. No, I am not a doctor though.
In 168 persons with stable Rheumatoid Arthritis but present pain (25-100mm on the VAS rating scale) given either 1g of Velvet Antler from Elk or placebo for 6 months noted that there were no significant differences between placebo and Velvet Antler in regards to pain. Another study by the same research group using a smaller sample (n=40) and graded doses of 430mg, 860mg, and 1290mg daily noted that there was a dose-dependent trend towards reduced pain symptoms but this was not statistically significant.
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A systemic review on human interventions makes note of a study conducted on patients of osteoarthritis (Edelman et al. 2000; cannot be located online) which found improvements in joint pain symptoms relative to baseline in the Velvet Antler group and not placebo, although a lack of information on blinding and randomization precludes results that can be drawn from this study.