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." 
Tanejeva also tested the effect of deer antler velvet in athletes running three kilometer races. In the experiment, 50 men ran the distance and their completion time was recorded. Deer antler velvet extract was administered to half of the runners and the participants repeated the race. The group receiving the Pantocrin completed the subsequent race in a faster average time.
Deer antler velvet can act as a natural adaptogen, restoring homeostasis to an unbalanced body by helping where it is needed. Deer antler velvet has an effect on many systems of the body given its complex chemical composition. The active ingredients in deer antler velvet are mostly precursors that are required by the body to process substances that maintain its health and wellbeing.
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...
Physical Vigor and Stamina: You don’t have to be an athlete to appreciate more energy and stamina. You may have long hours at the office, at home with kids, or at school, in training or partying. Without the energy you need to get through the day, nothing is fun-even the fun stuff. Unlike caffeine or energy boosting drinks which give you a temporary boost, Deer Antler Velvet changes you from the inside out, making increased vigor and stamina a part of your body’s natural response to the demands you place on it.
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.
According to an article published by Business Insider, between 20 to 40 percent of professional MLB and NFL athletes admit to purchasing and using deer antler spray (also called “deer antler velvet”). They hope to benefit from its performing-enhancing effects. (1) Some famous athletes turn to deer antler spray in hopes of promoting growth of new tissue cells or gaining strength due to more easily putting on lean muscle mass.
However, calcium and phosphorus levels (which are important for bone growth) did not differ among groups. Overall, the researchers concluded that “our results seem to support a role for dietary supplementation of EVA on growth and bone development in this model.” (9) However, it’s important to point out that this is a very high dose. It’s significantly above what most would take in supplement form.
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.