Lirin uses it extensively in his surgery, including on Sani's injury. It is rather expensive on the Shattered Plains, costing two sapphire marks per bottle from the apothecary Kaladin visits. It is used in the hospitals in Kharbranth.
The name seems to refer to Joseph Lister, out of universe. He was an early pioneer of antiseptics and introduced phenol to sterilize wounds and surgical implements.
It has yet to be reviewed.