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." 
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.
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.
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.
The chairman of the Olympic Committee mandated all athletes use their patented deer antler extract to increase recovery, growth and performance. Don't you remember the Soviet who dominated Rocky? And to those who know their history, the Soviets did actually dominated Olympic sports, especially weightlifting, from the early 70's to the late 80's. Could this have been a secret confidential edge?
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.