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. 
To determine the effects of deer antler velvet on maximal aerobic performance and the trainability of muscular strength and endurance, 38 active males were randomly assigned in a double-blind fashion to either deer antler velvet extract (n = 12), powder (n = 13), or placebo groups (n = 13). Subjects were tested prior to beginning supplementation and a 10-week strength program, and immediately post-training. All subjects were measured for circulating levels of testosterone, insulin-like growth factor, erythropoietin, red cell mass, plasma volume, and total blood volume. Additionally, muscular strength, endurance, and VO2max were determined. All groups improved 6 RM strength equivalently (41 +/- 26%, p < .001), but there was a greater increase in isokinetic knee extensor strength (30 +/- 21% vs. 13 +/- 15%, p = .04) and endurance (21 +/- 19% vs. 7 +/- 12%, p = .02) in the powder compared to placebo group. There were no endocrine, red cell mass or VO2max changes in any group. These findings do not support an erythropoetic or aerobic ergogenic effect of deer antler velvet. Further, the inconsistent findings regarding the effects of deer antler velvet powder supplementation on the development of strength suggests that further work is required to test the robustness of the observation that this supplement enhances the strength training response and to ensure this observation is not a type I error.

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In a study on diabetic mice given topical wounds (scalpel and scissors to create a cricle; diabetes tends to reduce wound healing rates[34] and thus diabetic rats are a good research model for wound closure rates) where either a control cream or one containing 400mcg Velvet Antler (Elk; water soluble extract) noted that there was less angiogenesis and a trend towards less inflammation assocaited with Velvet Antler cream while on day 7 wounds treated with the Antler cream were significantly smaller than control.[35] One 3.2kDa protein has been noted to possess wound healing properties, which are dose-dependent and have been noted to improve wound healing induced by burns at 0.05-0.1% of solution[36] and in vitro at 10-40mcg/mL.[37]

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.
A systemic review on human interventions[25] 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.