Eroxon, was just recently approved for use in the United States to treat erectile dysfunction. It has been on the market in the UK. Eroxon is made by the British pharmaceutical company Futura Medical, which specializes in drugs that are given through the skin.
According to the product's insert, Eroxon "stimulates blood flow in the penis through a unique physical cooling then warming effect, helping you get and keep an erection hard enough for sex." The company said on the product's website that 65% of people who used the drug were able to have sex.
The product's website does not list what the ingredients are. They state it does not contain any pharmaceutical ingredients which is why it does not require a prescription from a doctor.
There is an existing substance on the market that causes a similar reaction to skin; you've probably used it after exercise. It's called IcyHot. The active ingredient is menthol 2.5%
I cannot confirm that menthol is the main ingredient in this new medication indicated specifically for ED. But it couldn't hurt to try a small amount of IcyHot gel applied to the head of the penis and see if that helps you while you are waiting to find out when Eroxon is released.