Insulin-like Growth Factor 1 (IGF-1) is an anabolic molecule which appears to induce growth of the antlers themselves, although testosterone may be the primary growth factor. 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.
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.
I am sure we will want to discover the truth and go buy he easy to read and well cited book to make your own study. She has a earned a PhD in nutrition. Written 500 articles, been on talk radio, on TV, in Time Magazine, Prevention Magazine and written up in the New York Times a couple times. Okay sure, so what did her book say? This is where it starts to get good...
Adaptogen: Adaptogens are natural metabolic regulators that increase a person’s ability to adapt to environmental factors-like pollution, smoke, stress, toxins etc. and to avoid damage from those factors. In other words, adaptogens literally help your body “adapt” to the environment without any side effects. If you’re living in the real world, with external or internal stressors, adaptogens help your body change in order to cope with the stressors.
In September, 2013, the headquarters of S.W.A.T.S. was raided and ordered to be shut down by Alabama's attorney general citing "numerous serious and willful violations of Alabama’s deceptive trade practices act". Among the violations were "claims that the company made about a number of products that were unsupported by scientific research. Some of these products were marketed as 'dietary supplements.'"  The assistant Alabama attorney general "says that Deer Antler Spray is dangerous and its sellers are law-breakers." 
One of the leading companies in the world that manufacturers deer antler spray is called Nutronics Labs. According to information posted on their website, they have been making deer antler supplements for two decades. They state that their deer antler products range in concentration/strength from about 25,000ng (nanograms)–200,000ng of IGF-1. According to studies done by Nutronics Labs, deer antler powders appear to be less concentrated with IGF-1. They also may be poorly absorbed compared to deer antler extract.
This product may adversely interact with certain health and medical conditions, other prescription and over-the-counter drugs, foods, or other dietary supplements. This product may be unsafe when used before surgery or other medical procedures. It is important to fully inform your doctor about the herbal, vitamins, mineral or any other supplements you are taking before any kind of surgery or medical procedure. With the exception of certain products that are generally recognized as safe in normal quantities, including use of folic acid and prenatal vitamins during pregnancy, this product has not been sufficiently studied to determine whether it is safe to use during pregnancy or nursing or by persons younger than 2 years of age.
Improved Athletic Performance: Whether you’re a professional athlete, a weekend warrior, or you just throw a ball around the front yard with your kids once in awhile, Deer Antler Velvet makes what you do better because it enhances the muscles, energy, stamina and circulation of your body. Think about the way you feel going into a sport or activity without warming up first, and how you feel after about 30 minutes or so into the activity. That smooth, loose, flowing feeling you have after you get “warmed up,” and get the blood flowing and the muscle temperature raised with activity makes a big difference in how you feel and how you play. It’s a subtle thing, but when you feel it you know it. Deer Antler Velvet does the same thing-provides a subtle, yet distinct sense that your body is ready to function at a higher level.
No direct reports of chronic wasting disease (CWD) related to deer velvet supplementation have been published. However, several Web sites contain disclaimers mentioning the possibility of the disease being present in antler products. The CDC has not yet found a relationship between CWD and any neurological disease that affects humans with deer velvet use.
Deer antler velvet can play a pivotal role in helping to not only relieve the symptoms of diseases that affect joints, such as osteoarthritis, they can possibly eliminate them entirely. The way it may do this is through the introduction of chondroitin sulfate and glucosamine sulfate into the body. Both of these compounds are abundant in deer antler velvet.
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.