Some suggestions:

1.  Since you're sending YOUR compound to them, you may want to draft your own
agreement (I can send a sample if you'd like to see one).

2.  Unless there is some specific reason why your PI can't disclose your info
to the company without their sharing some of their proprietary information, I
would think the agreement need NOT be mutual.  It should just cover your
disclosure of your info.

3.  If it's not mutual, you want it to be a broad as possible--include
derivatives, modifications, etc.--to give you full protection; and you
probably want it to be longer than seven years.  In other words, you want them
to make a promise to not use or disclose what you give them indefinitely . . .
unless you enter into a further agreement.

4.  Even if the agreement is mutual, such agreements don't usually preclude
the disclosing party from using and/or disclosing to others ITS OWN
information--just what is disclosed to it by the other.  Your agreement may
not be clear in this regard.

Deborah L. Smith, Ed.D. (Debbie)
UT Memphis
(901) 448-5587
fax:  448-7600
xxxxxx@utmem1.utmem.edu