In an ovalbumin sensitized mouse model, 4 weeks of Velvet Antler at 2.5-10mg total (weight of mice not given, assuming 20g this equals 125-500mg/kg or 10-40mg/kg for humans) was able to reduce total Immunoglobulin E (IgE) and Ovalbumin-specific IgE at 14, 21, and 28 days.[21] When challenged with methacholine and subsequently having their airway power measured, it appeared that Velvet Antler exert anti-asthmatic effects in regards to allergies.[21] 
A Russian study indicated that the amino acids, polypeptides and other compounds found in antler increased the survival rate of mice with cancerous tumors as much as 40 percent. In addition, a study conducted by the East-West Research Institute in Korea found that deer antler velvet appears to increase neutrophil levels in mice, which boost the body’s ability to fight injuries and disease. The mice with tumors lost less weight and suffered lower levels of kidney damage than those treated with drugs.
But when it comes to sprays or pills, there’s little evidence that deer antler offers performance enhancing benefits of any kind, says Alan Rogol, M.D., an endocrinologist at the University of Virginia. Rogol is also part of a small team of doctors that assists anti-doping agencies in determining if and when athletes can use certain controversial substances.
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.

Deer antler products contain mostly amino acids (that form proteins) along with growth factors, which are poly-peptide bonded amino acid chains. (4) The most abundant growth factor is IGF-1. However, it isn’t a factor found in these products. Depending on the specific brand, deer antler spray/powder/capsules may contain amino acids and growth factors including: (5)

As this supplement is derived from 'deer', the two most commonly used species of deer in mainland China include the Sika deer Cervus nippon Temminck and Red Deer Cervus elaphus Linnaeus; these species may be relevant.[1] 'Farming' of deers for antlers includes raising deer and sawing off the antlers under analgesia,[2][3] the annual yeild appears to be 120-150 tonnes and deer are not usually killed as antlers are capable of full regeneration.[3]
In Asia, velvet antler is dried and sold as slices, or as a powder which may be boiled in water, usually with other herbs and ingredients, and consumed as a medicinal soup.[6] In the traditional commercial trade of Korea and China, whole stick antler velvet is divided into three sections based upon their supposed properties. Although there is an absence of uniform standardization, these sections are known as the wax piece (uppers or tips), the blood piece (middles), and the bone piece (bottoms): the wax piece may be marketed as a growth tonic for children, the blood piece supposedly for joint and bone health, and the bone piece supposedly for calcium deficiency and geriatric needs.[2][5][9] Early commercial activity in Russia between the 1930s and 1980s led to the production of an alcohol extract from deer antler velvet marketed under the Russian drug trade name Pantocrin (also pantocrine or pantokrin).[10][11]