EXHIBIT 99.3

AVANEX TO COMPLETE $31.5 MILLION PRIVATE PLACEMENT

FREMONT, Calif., Nov. 11 -- Avanex Corporation (Nasdaq: AVNX) announced today
that it has entered into definitive agreements with independent accredited
institutional investors relating to a private placement of 6,815,555 shares of
Common Stock of the Company at a price of $4.63 per share for aggregate gross
proceeds of approximately $31.5 million. Avanex intends to use the net proceeds
for general corporate purposes, including working capital.

In connection with the issuance of the shares of Common Stock, the investors
will be issued rights which will be exercisable for up to an additional
1,363,116 shares of the Company's Common Stock at $4.63 per share, representing
approximately $6.3 million in proceeds if the rights are exercised in full for
cash, resulting in total potential proceeds of approximately $37.8 million.
These additional investment rights are expected to expire 60 trading days
following the effectiveness of the registration statement to be filed with the
SEC in connection with the transaction.

The shares of Common Stock sold to the investors have not been registered under
the Securities Act of 1933. Accordingly, these shares may not be offered or sold
in the United States, except pursuant to an effective registration statement or
an applicable exemption from the registration requirements of the Securities
Act. Avanex has agreed to file a registration statement covering resale of these
shares by the investors. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the Common Stock. This press release
is being issued pursuant to and in accordance with Rule 135c under the
Securities Act.

Forward-Looking Statements

This press release contains forward-looking statements regarding the anticipated
closing of the private placement. Actual results could differ materially from
those projected in or contemplated by the forward-looking statements. Factors
that could cause actual results to differ include any event that would cause the
Company or the investors to breach any of their representations and warranties
under the purchase agreement. Further factors that could affect the Company are
described in the risk factors contained in the Company's SEC filings including
the Company's Annual Report on Form 10-K filed with the SEC on September 26,
2003. The Company assumes no obligation and does not intend to update any
forward- looking statements, whether as a result of new information, future
events or otherwise.