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." 
Deer antler spray is a supplement. It’s made from the immature tissues surrounding bone and cartilage found inside the tips of live deer antlers. The antlers naturally contain IGF-1. This helps them to grow rapidly. The tissue is taken from the deer antlers before they fully grow and harden. Then it’s flash-frozen to make supplements. (3) Farmed North American elk or wapiti (Cervus canadensis) and the European red deer (Cervus elaphus) are the main sources of antler for commercial use. The animals are not harmed in the process of extracting the substance from their antlers. Deer antler products are found in pill, powder or spray forms.
One study (duplicated in Medline) that used a water extract of Velvet Antler at 50-200mg/kg failed to inhibit the pain killing effect of Morphine yet reduced the rate at which rats became tolerant to Morphine over the course of 6 days when taken an hour prior to Morphine each day. Rats who were given Velvet Antler prior to Morphine also experienced 26.6-36.6% less withdrawal (dose-dependent) and reduced reverse tolerance and dopamine receptor supersensitivity relative to morphine control.
One study in men given 1.5g Velvet Antler for 11 weeks noted that intake of Velvet Antler was associated with a greater improvement in peak torque (30+/-21% more than baseline vs. placebo increasing 13+/-15%) and average power (21+/-19% vs. 7+/-12%) as assessed by leg extension; the authors noted that other parameters suggestive of power improvement (such as endocrine improvements or erythropoesis) did not occur and noted that replication is needed. The lack of aerobic improvement noted in this study is contrasted by another study using 2,700mg of Velvet Antler (two doses of 1,350mg daily for 10 weeks) which improved VO2 max by 9.8%, although this study had a remarkably high dropout rate of 44% which precludes conclusions that can be drawn.
(Adult) Shake well before each use. As a dietary supplement, spray 3 to 5 times under tongue as needed. Hold for 20 seconds before swallowing for best results. Caution: Do not use if outer seal is broken. Not intended for individuals under the age of 18. Consult your health care provider prior to use if you are pregnant or nursing, have a medical condition, or when taking any medication. *Contains Soy
“Nutronics Labs Deer Antler Spray is an incredible product. After just a few days of using it, I noticed a significant decrease in the chronic knee arthritis pain I’ve suffered from for many, many years due to dancing and sports injuries. As an added bonus, my ENTIRE body suddenly felt lighter, and generally pain free…it wasn’t until taking the product that I realized most of my joints had been stiff and achey. I had been living in pain for years without even realizing it, having become accustomed to being constantly uncomfortable and sore. I was able to work out harder, recover faster, and noticed significantly increased flexibility and overall mobility. I noticed substantial improvement in muscle tone.
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Performance - Borrowing the scientific research, its mandatory use by the Soviets has shown increased blood circulatory benefits, liver protective attributes and nerve strengthening effects of the aqueous alcohol extract.* This means it increases nervous innervation, easily known as the contractile capacity of muscle groups.* This leads to short burst style athletic performance increases found in weightlifting, bodybuilding, and similar sports.*
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.